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8 documents TREC wants brokers keep in their files

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04/21/2016 | Author: TAR Legal Staff

The Texas Real Estate Commission requires brokers to keep certain records for at least four years from the date of closing, termination of the contract, or end of a real estate transaction. The only exception is if the records are destroyed by an “act of God” not intentionally caused by the broker, such as a natural disaster or fire. Here’s what TREC says you should hold on to.

  1. Disclosures;
  2. Commission agreements, such as listing agreements, buyer representation agreements, or other written agreements relied upon to claim compensation;
  3. Work files;
  4. Contracts and related addenda;
  5. Receipts and disbursements of compensation for services subject to the Real Estate License Act;
  6. Property management contracts;
  7. Appraisals, broker price opinions, and comparative market analyses; and
  8. Sponsorship agreement.

If you have questions about the records you should maintain, you can call the TAR Legal Hotline at 800-873-9155.

Categories: Business tips, Legal
Tags: legal, records retention, trec rules

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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