8 documents TREC wants brokers keep in their files
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.
- Commission agreements, such as listing agreements, buyer representation agreements, or other written agreements relied upon to claim compensation;
- Work files;
- Contracts and related addenda;
- Receipts and disbursements of compensation for services subject to the Real Estate License Act;
- Property management contracts;
- Appraisals, broker price opinions, and comparative market analyses; and
- Sponsorship agreement.
If you have questions about the records you should maintain, you can call the TAR Legal Hotline at 800-873-9155.
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