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.