Indiana Real Estate Brokers Focus on Record Retention

As we have seen in several of our previous posts, it appears each state governs itself differently when it comes the requirements they impose on real estate brokers and the length of time they need to retain their records. Obviously, it’s a prudent thing to do and we haven’t seen any state go less than three years. So, if you’re a broker in Indiana you’re required to retain transaction records for five (5) years according to the Indiana Real Estate Commission. We always provide links to our research in case people want to verify what we post and in case there is other information you might need to search out regarding record retention. Here’s the link to the PDF

When we get into states that require brokers to hold records for more than three (3) years we try to present them with insight as to what the real costs of storing hard copies are:

1. Perhaps you’re paying for a storage unit. These range from $89 per month or up.

2. Indeed you should look at what you are spending for rent per square foot and then determine the amount of space your boxes are taking up.

3. A hidden cost that rears its ugly head if something unnatural should happen like a flood, fire or storm is that all your files would be destroyed and you’re business would no longer be able to satisfy the intent of the regulations.

At Filetwin, we recommend hybrid approaches if your business is set in its ways, however, all brokers in the year 2011 should be considering digitization of their records. Dusty cardboard boxes in the corner is so passe and you’ll probably never look inside them (that is if you can even move them around. The average cardboard box full with paper weighs 50 pounds!!

If you’re interested in speaking directly with one of our U.S. based representatives, please feel free to call us at 1 877 310-2884.

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Most brokers are required to maintain a complete record of real estate transactions. All moneys received or escrowed on real estate transactions, including the sources of the money, the date of receipt, depository, etc., are required to be maintained for a period of three (3) to five (5) years.

There really isn’t a range per se. Each State’s Real Estate Commission has a different period of time they impose. For example, in Florida, the FREC requires brokers to retain files for five (5) years, whereas in Colorado, their Commission only requires four (4) years.

To help out, we’ve created what we think is the most comprehensive directory of Real Estate Commission web sites across the U.S. Find your state below and click on the link to be taken to your state’s web site regarding rules and regulations of record retention.

Generally, this is where you’ll find out how long your state requires you to retain files. Telephone numbers are included on these web sites, so if you don’t find the information in a timely manner, just call their office. We found the average wait time to be about 8 minutes :-/ but when we called a few offices and asked if a broker could store information digitally, the response was “Yes” – as long as the records could be produced in a timely manner.

Regardless of the length of retention your state requires, Filetwin can retain files as long as you need us to. We like to think that once you make the decision to install Filetwin, you’ll find that you’ll satisfy the intent of any Commission’s Rules & Regulations.

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