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.

If you’re a real estate broker in Wyoming, you’re required to retain real estate transaction records for seven (7) years according to the Wyoming Real Estate Commission and specifically section 33-28-123.

This seems like a long time to hold onto real estate records for the state that has the lowest population in the U.S. according to the U.S. Census bureau.

Be that as it may, seven (7) years means that traditional storage media just won’t cut it. Google has shown, and we’ve written about it, that traditional storage media is generally only good for five (5) years. Therefore, most states could get away using CDs, hard drives and so forth but we liken this to the analogy of a seatbelt. You can drive a car without your belt on – but you shouldn’t. Same applies here, you could probably get by using the old fashioned methods but it just makes sense when you have the option of online backup.

Here are some top-of-mind reasons why online backup would be good for a broker in Wyoming:

1. It’s automated

2. It stores digital files for as long as you’ll need them without worrying about losing or corrupting the data.

3. It’s cost-effective in comparison to losing your data and falling out of compliance and we offer unlimited storage capacity.

It’s our belief that online backup is the way to go if you’re a broker in Wyoming. Taking everything we know about real estate regulations and record retention into consideration, online data backup covers all bases with a single decision.

If you’re interested in continuing this conversation in person, please feel free to contact us at  1 877 310-2884 and one of our Backup Specialists will be glad to assist you.

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