Is getting rid of unnecessary records and paperwork one of your New Year’s resolutions? Make sure you know what to save and what to toss.
The Rhode Island Department of Business Regulation requires real estate licensees to keep certain records for a minimum of three years from the date of receipt. These records include bank statements, cancelled checks, journals or check stubs, copies of contracts, leases, and management agreements, closing statements, property management statements, and documents, such as invoices, bills, and contracts paid from the escrow account. [See Section 2.20 Records: https://rules.sos.ri.gov/regulations/part/230-30-20-2]
▪Check your office records retention policy. Your office may require you to keep documents for a longer period of time.
▪Check with your accountant about IRS and other tax-related record-keeping requirements.
▪Check with your attorney about how long to keep records if you have been named in a lawsuit or complaint.
Tired of paper files? Switch to cloud storage or other alternatives.
Questions? Please contact the RI REALTORS® Legal Department at 401-432-6945 or email firstname.lastname@example.org.