Statute of Limitations
for Deals
How long do you need to retain your files for closed deals?
Barring fraud, the statute of limitations for raising a complaint following a transaction is two years.
So, it’s (well past) time to chuck paperwork and notes for those 2004 sales I’ve been hanging on to.
The one exception to the foregoing?
Tear-downs.
When a home I’ve sold is subsequently torn down — or remodeled down to the studs — there’s no reason to keep the paperwork (closing documents like the HUD-1, the Seller’s Disclosure, etc. are scanned in and available in Edina Realty’s online archive indefinitely).
