What is the statute of limitations for record keeping for TREC transactions?

The statute of limitations for record keeping for TREC transactions is four years. This time frame is crucial because it sets a clear period during which a broker or real estate professional must retain pertinent records related to transactions. Maintaining these records for at least four years protects both the consumer and the professional in the event of disputes or audits. It ensures that all documentation is available for review, which is particularly important for regulatory compliance and accountability.

In practice, retaining records for four years helps to meet legal requirements and allows those involved in transactions to reference necessary documentation, such as purchase agreements, disclosures, and communications, to support their actions if questions arise later. This timeframe reflects a balance between the need for accountability in real estate dealings and a reasonable expectation of record retention for those in the industry.