Michigan Real Estate Record Retention Laws for Brokers

Real estate brokers in the Wolverine State are required to keep trust account records for three (3) years and student records for a period of six (6) years according to Michigan’s Department of Licensing and Regulatory Affairs.

Here’s a link to the PDF that outlines these various regulatory rules. You can find them on page 91 and 101.

We also want to share a video that talks about the benefits of using online backup versus traditional methods of data storage like cardboard boxes and CDs. Obviously, we recommend our service, Filetwin, because we specialize in dealing with businesses in the regulatory environment.

Michigan seems pretty reasonable with their record retention requirements. Three (3) years isn’t too bad to have to hold on to hard copy files. Just remember, that there is a square footage cost issue surrounding boxes stored in offices that we always blog about and the possibility of natural disasters (fire, flood & storm damage) that might never affect your business, however, one incident can bring your entire operation to a grinding halt if you don’t use a solution like online backup. We strongly recommend that small businesses in Michigan seriously consider online backup in their business continuity planning.

If you’d like to learn more about online backup as an option for your business, give us a call at 1 877 310-2884 and one of our Backup Specialists will be pleased to continue this conversation with you.

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Online Backup for Real Estate Brokers in Missouri

Since today’s blog focuses on the Show-Me State, we’re going to do just that. If you’re a real estate broker in Missouri, you’re required to retain your transaction records for a minimum of three (3) years according to the Missouri Real Estate Commission.  Here’s the actual document that outlines these regulations, http://pr.mo.gov/boards/realestate/November%202009%20MREC%20Rule%20Book.pdf. On page 54 is the rule CSR 2250-8.160 regarding Retention of Records that’s available for any Broker to review for themselves.

Here is a video we created that talks about the benefits of using online backup versus traditional methods of data storage like cardboard boxes and CDs.

Missouri seems pretty reasonable with their record retention requirements. Three (3) years isn’t too bad to have to hold on to hard copy files. Just remember, that there is a square footage cost issue surrounding boxes stored in offices that we always blog about and the possibility of natural disasters (fire, flood & storm damage) that might never affect your business, however, one incident can bring your entire operation to a grinding halt if you don’t use a solution like online backup. Considering the current storms in Missouri, we strongly recommend that small businesses in these areas seriously consider online backup in their business continuity planning.

If you’d like to learn more about online backup as an option for your business, give us a call at 1 877 310-2884 and one of our Backup Specialists will be pleased to continue this conversation with you.

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If you’re a real estate broker in the Lone Star state, you’re required to hold onto your transactions records for four (4) years. According to the Texas Real Estate Commission there are several records a broker must be conscience about.

In a PDF provided by TREC, they outline the specific records that must be retained. Except for records destroyed by an “Act of God” such as a natural disaster or fire not intentionally caused by the broker, the following records, at a minimum, shall be maintained for at least four (4) years from the date of closing or termination of the contract in a format that can readily be made available to the Commission.

  • Disclosures
  • Commission Agreements such as listing agreements, buyer representation agreements or other written agreement relied upon to claim compensation;
  • Work files
  • Contracts and related addenda
  • Receipts and disbursements of compensation for services subject to the Act
  • Property management contracts
  • Documents required by USPAP for appraisals
  • Sponsorship agreements between the broker and the sponsored salesperson

Now, with this research under your belt, the next portion to evaluate is HOW you plan on retaining your records so the TREC can  “readily” inspect those files. That’s where Filetwin (www.filetwin.com) comes into the picture.

Since we know everyone is cost conscience right now, here are a few points that address the financial aspects of online backup with Filetwin:

1. You DO NOT have to invest in major capital expenses. You’ll just receive a monthly bill for the storage space you use.

2. If you have a Blackberry, iPhone or HTC smartphone device, you’re probably paying as much monthly for that phone as you would to backup your entire real estate form – just to draw an immediate comparison most people will understand.

3. Filetwin is a U.S. based company with ALL of our customer support specialists located here in the United States. We don’t profess to be the cheapest option on the block, but our outstanding customer support skills WILL DEFINITELY become noticeable to you if or when you experience a data loss due to natural disaster or human error.

If you’d like to learn more about how our company can help you, please contact us directly at 1 877 310-2884 and one of our Backup Specialists will be pleased to assist you

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