Transaction File Requirements and Retention

Brokers and brokerage firms are required to retain transaction files per Commission, (Rule 6.20) and are required to produce the transaction files for inspection when requested by the Commission.(Rule 5.21)

Brokerage firms can establish a policy for its brokers to retain additional file documents not included in the Commission’s checklist, and it is the responsibility of the broker to retain transaction files regardless if they switch brokerages. 

Broker Rules

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 anly listing contract that does not consummate. Files can be retained in either hard copy or electronic format as long as 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 if a technical matter rises with the technology used to maintain the files.  

The required documents for both Sales Files and Property Management Files are designated in the Commission’s Transaction File Checklist on the Division’s website. It is recommended that test messages and emails be retained in the document files.  

Transaction File Checklist

The 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.

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