4.3 Document Retention
The following requirements are from the Real Estate Board Regulation for Virginia and apply to other jurisdictions as well.
- 18 VAC 135-20-185. Maintenance and Management of Financial Records
- 40 CFR 745.113 – Certification and acknowledgment of disclosure
All brokerage agreements, dual agency disclosures, and designated agency disclosures will be retained for a period of 3 years from the date of execution, as per the regulations.
All disclosures to unrepresented parties will be retained for a period of 3 years from the date provided to the party, as per the regulations.
A complete and legible copy of all executed contracts of sale, executed releases, executed lease agreements, executed property management agreements, and each settlement statement related to a real estate transaction will be retained for a period of 3 years from the date of closing or from ratification (if the transaction fails to close), as per the regulations.
A complete and accurate record of receipts and disbursements for moneys received on behalf of others will be retained for a period of 3 years from the date or closing or termination of the sales transaction or termination of lease or conclusion of a licensee’s involvement in a lease, as per the regulations. The records must show: from whom the money was received; the date of receipt; the place of deposit; the date of deposit; and, the final disposition of the funds.
A completed copy of the lead-based paint disclosure form, where applicable, must be kept for no less than 3 years from the completion date of the sale or commencement of the lease.
In West Virginia and Maryland, the law requires a real estate licensee to retain copies of listings and documents pertaining to the provision of real estate brokerage services for 5 years after the closing of a real estate transaction, or 5 years after the listing expires if the transaction is not closed.
In Pennsylvania, the law requires a real estate licensee to retain copies of listings and documents pertaining to the provision of real estate brokerage services for 3 years after the closing of a real estate transaction, or 3 years after the listing expires if the transaction is not closed.