Transaction Documents You Must Keep
It’s tempting once closing is over to dump the mountain of paper that every real estate transaction seems to generate. But clean out judiciously. You’ll want to keep:
Listing Agreement. To prove you were the exclusive representative of your client in case of a dispute.
Signed Agency Disclosure. To protect yourself in case any questions of fiduciary responsibility or liability arise.
Marketing Materials. including newspaper ads and printouts of online listings. To protect yourself from charges of violating fair housing laws.
All correspondence and phone logs. with buyers, sellers, or other parties to the transactions. To provide evidence of fact in case of a charge of misrepresentation, which can be filed several years after the events occur.
Inspection reports and invoices for repair work. Required before the sale. To demonstrate what physical defects came to light during inspection and what repairs were done.
A copy of the purchase contract and addenda. To provide a record of the exact terms of the deal.
A copy of the settlement statement (HUD-1 form). To keep a record of sellers’ and buyers’ transaction costs and to gain points with clients by sending a copy to them at tax time with an explanation prepared by your accountant of what they can deduct.
Escrow account records relating to the transaction. To prove the monies were managed and disbursed.
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