For how long must a listing managing broker retain closing statements?

A listing managing broker is required to retain closing statements for a period of five years. This duration is established to ensure that documentation related to real estate transactions is available for review and potential audits, complying with state regulations. Retaining these records helps protect both the broker and the clients by providing a reliable history of transactions, which can be essential in resolving disputes or verifying details related to the sale. The five-year retention period aligns with general practices within the real estate industry, balancing the need for record-keeping with practicality for brokers who often handle multiple transactions.