The Filetwin Blog

Arkansas Record Retention ‘Wal-Mart’ style

Filetwin Blogger — Mon, 20 Feb 2012 21:59:19 +0000

If you are an avid follower of our blog, you already know that the information we at Filetwin aim to provide, although a bit boring, is a necessity for doing business. Today we discuss record retention requirements for the Apple Blosson State, Arkansas, corporate home to global business giant Wal-Mart. It is relatively easy to find a retention schedule for veterinary records or tax records for Arkansas. However, it’s somewhat more challenging to pinpoint how long Brokers should retain documentation for real estate transactions.

We did manage to find a reference on page 56 of this book: Arkansas Real Estate Basics, from Dearborn Financial Publishing, 86 pages, available on Amazon.com. “Brokers should retain copies (of executed instruments) in their files for at least three years”, at least being the operative words here.

As good journalists, we did some fact checking and went directly to the source, the AREC. Well, also because we didn’t see the need for you to spend $208.51 on the paperback version. Not having much luck deciphering the Arkansas Real Estate Commission (AREC) website, we resorted to old-school methodology and put a call into the AREC main office in Little Rock, 501-683-8010. A very helpful clerk at the Investigations Department, did indeed confirm that Broker Records must be retained for at least the three year period, referencing Page 64, Section 10.4, Law and Regulations: Broker Responsibility (2010 version). Further research brought us to page 12 of the Arkansas General Records Retention Schedule Procedural Handbook, which suggests that “land title and real property records”, because they have historical value, should be included in the Permanent Records category, known in layman terms as the do-not-destroy category. Digging deeper still, the table on page 15 denotes that Legal Records, that is any document of legal importance, should be retained at least 3 to 5 years.

Regulatory requirements for records retention is serious business. Whether you are a global giant like Wal-Mart or a local real estate broker, we can help your company stay in compliance. Our Back-up Specialists are ready to answer your questions. Call us at 877-310-2884 for a no-cost evaluation of your back-up needs. Filetwin, because you need two.

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To Shred or Not to Shred? Alabama Real Estate Records Retention

Filetwin Blogger — Wed, 15 Feb 2012 21:09:00 +0000

We continue with our blog series on Real Estate Records Retention, this time focusing on the Yellowhammer state. Chapter 27 of the Code of Alabama establishes creation of a Real Estate Commission, and stipulates the rules and regulations governing Real Estate Brokers and related transactions in the Heart of Dixie. Therein, the Records Disposition Authority, Section 3, states that Real Property Files and Inventory Lists are deemed Permanent Records; this means they cannot be destroyed. It also states that these permanent records are to be retained in office, “in an environment that will ensure their physical order and preservation”.

With the lines between different financial institutions blurring more each year, the Alabama Department of Banking has also addressed records retention for real estate transactions. They require loan files, as well as real estate owned and repossessed assets files (including supporting documentation and records) be retained for life plus three years. Ouch! The Better Business Bureau of North Alabama has come to the rescue and compiled a “when to shred” list which business owners as well as consumers should keep handy. According to the BBB, contracts, mortgages, notes, and deeds still in effect should be kept permanently, i.e. Do Not Shred!, while those that have expired, can be shredded after seven years.

Life plus three years is definitely a long time to keep any document, much less keep it in good condition. Companies sometimes change their physical address. Often older records are boxed and sent to storage warehouses where conditions are not prime. The good news is that you can easily back-up and access your files online using today’s technology at a fraction of the cost. When it comes to record retention strategies for regulated industries, like Real Estate, Filetwin can be your best ally. Call us today and speak to one of our back-up specialists at 877-310-2884.

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Real Estate Records Retention: Alaska

Filetwin Blogger — Wed, 15 Feb 2012 15:46:36 +0000

Today we are discussing Real Estate Records Retention in the ‘Great Land’ state. The Alaska Department of Commerce, Community, and Economic Development has published a comprehensive guide to setting up and maintaining business records, which is a great reference tool for any small business owner. The State of Alaska also has set forth guidelines for records management as it pertains to public and government records. The General Administrative Records Retention Schedule addresses Procurement, Leasing and Property Records on pages 9-11, stating that “property records are active as long as the State of Alaska owns the land or building”, more precisely, records related to real estate transactions must be retained “until the State no longer has an interest in the property plus four years.”

In 2008, the Alaska Mortgage Lending Regulation Act was enacted but was later was replaced. In order for the state to comply with Federal SAFE requirements, the Alaska Secure And Fare Enforcement for Mortgage Licensing Act of 2010 was passed, and signed into law, becoming effective on July 1, 2010. Both addressed records retention for financial transactions related to real estate assets. There, a “record’ is defined as (30) information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. And stipulates that “Records of mortgage licensees shall be retained for 36 months from the date they were created.-Sec. 06.60.135.”

Any way you look at it, in the State of Alaska, records retention for the life of the asset is the norm, so it’s best to be plan an online data storage solution that will survive the test of time. Visit us on the web at www.filetwin.com or call our data back-up specialists at 877-301- for more information. Filetwin, because you need two.

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Foreclosure Records Handy? State of Virginia

Filetwin Blogger — Mon, 13 Feb 2012 17:25:23 +0000

In these times of Foreclosure Frenzy, don’t be caught off guard without the ability to access your past real estate and mortgage transactions. We are focusing today on Virginia, a state close to the nation’s capitol where the Financial crisis is being addressed. Real Estate transactions in Virginia are governed by the Department of Professional and Occupational Regulations, which has created a Real Estate Board for this purpose. In the Commonwealth of Virginia, a Real Estate Broker must maintain records of all transactions in his/her office for at least three years . These records, according to the Virginia State Legislature, may be in electronic format. However, Real Estate Appraisers in the Old Dominion state are subject to more stringent requirements, and must keep all records for at least five years after preparation, and another two years after final disposition. For more details you can call the Virginia Real Estate Board at (804) 367-8526 or email them at Board for Real Estate.

Three to seven years is a long time to keep paper files of transactions, or disks of data that may not be appropriately labeled. With all the foreclosed homes coming to market, it’s important to have a history of those properties in your database, in the event of any future investigation by banks, mortgage companies or government agencies. Electronic data back-up is the safest and most reliable way to keep important date for later online access. Online data back-up and access systems like Filetwin, are highly recommended for regulated industries like Real Estate. Call us today and speak to one of our back-up specialists at 877-310.2884. Filetwin, because you need two.

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Is 12345 your secure password?

Filetwin Blogger — Thu, 09 Feb 2012 16:00:32 +0000

Israeli media agency Haaretz reports that 78 email accounts at the offices of Syria’s President Bashar al-Assad were recently hacked. On Monday the Anonymous collective leaked hundreds of emails from the office of President al-Assad. A report later revealed that Assad’s aides and advisers had used ’12345′ as their secure password. The number sequence 12345 is considered one of the worst passwords of all time. So are variation of that theme: 123456, 1234567, 12345678, 123123, and 111111. The point of a password being NOT to make it easy for people to remember; the logic is to make it unique to you and difficult for everyone else. When was last time you changed your personal and office passwords? Do you have robust passwords in place to safeguard sensitive financial and business information? Does your business have protocols in place to prevent hacking and data attacks. We can help. Call FileTwin today at 1-877-310-2884 to schedule a no cost security evaluation with one of our Security Specialists. Filetwin, because you need two.

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Digital Lockers

Filetwin Blogger — Mon, 30 Jan 2012 16:24:58 +0000

Digital Lockers are characterized as the fastest growing form of Internet piracy. Megaupload is one of the largest Digital Lockers or digital storage services on the Internet, with close to 3 million users in the U.S. Digital lockers allow anyone to upload, store and distribute links to most forms of electronic content. Unfortunately, these services are reportedly used primarily for uploading and sharing music, video and documents files containing and inordinately large amount of data. Last week the U.S. Justice Department released an indictment accusing Megaupload’s founders and other officers of criminal conspiracy, arguing that they encouraged copyright violations and in some cases copied protected content themselves. The takedown enraged some Internet activists, who launched denial-of-service attacks that temporarily rendered websites of the Justice Department, FBI and big entertainment companies unreachable. How safe is your data? www.filetwin.com Because you need two.

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Congress Pulls PIPA and SOPA bills

Filetwin Blogger — Fri, 27 Jan 2012 16:25:10 +0000

U.S. lawmakers stopped controversial anti-piracy legislation in its tracks on Friday, delivering a stunning win for Internet companies that staged an unprecedented online protest to kill the previously fast-moving bills. The bills, known as PIPA in the Senate and SOPA in the House, are aimed at curbing access to overseas websites that traffic in pirated content and counterfeit products, such as movies and music. But technology companies are concerned the laws would undermine Internet freedoms, be difficult to enforce and encourage frivolous lawsuits. – Reuters. How secure is your business data? www.filetwin.com Because you need two.

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A Business Continuity Plan

Filetwin Blogger — Wed, 25 Jan 2012 16:28:54 +0000

If disaster strikes, do you have a robust Business Continuity Plan in place? These five simple steps can limit headaches and keep your critical operations functioning in the event of a disaster or other catastrophic risk. 1) Get executive-level support and obtain resources for the BC plan. 2) Indentify your critical business requirements and maximum tolerable downtime, or MTD. 3) Determine recovery speed and recovery time objective, or RTO. 4) Identify gaps between MTD and RTO for each operation, negotiate solutions, and consider investing in additional resources. 5) Maintain the BC Plan by revisiting regularly as your business shifts and/or expands.

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Security-On-The-Go

Filetwin Blogger — Sun, 15 Jan 2012 16:33:26 +0000

Security On-the-Go for your roving workforce is a new challenge for businesses. No matter the number of workers, establishing these five best practices will help to keep your network safe from malware and other potential dangers. 1) Use the built-in Passcode feature to lock iPads and tablets. 2) Deploy client-level internet filtering software. 3) Force Critical updates on your workstations. 4) Set up and enforce work-from-home requirements. 5) Train smartphone users to keep apps up to date. 6) Back-up critical data for easy online access and retrieval with File Twin, because you need two. www.filetwin.com

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Laptop Theft Costs

Filetwin Blogger — Thu, 12 Jan 2012 16:36:37 +0000

According to the FBI, losses due to laptop theft totaled more than $3.5 million dollars in 2005. The Computer Security Institute/FBI Computer Crime & Security Survey found the average theft of a (business) laptop to cost a company $31,975. Victims of laptop theft can lose hardware, software, and essential data that has not been backed-up (Wikipedia). Protect your your business documents and essential data with FileTwin: because you need two.

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