Brokers and brokerage firms are required to retain transaction files per Commission (CREC Rule 6.20), and are required to produce the transaction files for inspection when requested by the Commission (CREC Rule 5.21).
Brokerage firms can establish a policy for its brokers to retain additional file documents not included in the Commission鈥檚 checklist, and it is the responsibility of the broker to retain transaction files regardless if they switch brokerages.
Transaction File Retention Requirements
Brokerage firms and brokers are required to retain transaction files for a period of four (4) years, beginning from the consummation date of the transaction or the expiration date of any listing contract that does not consummate. Files can be retained in either hard copy or electronic format, provided they can be inspected during the four year period of retention. Those who choose to maintain transaction records electronically will be required to produce transaction records regardless of if a technical matter rises with the technology used to maintain the files.
乐竞体育全站 required documents for both Sales Files and Property Management Files are designated in the Commission鈥檚 Transaction File Checklist on the Division鈥檚 website. It is recommended that text messages and emails be retained in the document files.
乐竞体育全站 Commission does not require copies of existing public records, title commitments, loan applications, lender required disclosures, or related affirmations from independent third party closing entities after the closing date.