How Long To Keep Real Estate Files

How Long Do Belongings Management Records Demand to Be Kept?

Belongings Management

22 Jun 2022 · iii min read

Property managers should never underestimate the importance of compliant record keeping practices.

The length of fourth dimension that property management records demand to be kept for is adamant by the provisions of the Belongings Occupations Act 2014 (POA) and Regulation 2014 (PO Regulations), The Agents Fiscal and Assistants Act 2014 (AFA Act) and Regulation 2014 (AFA Regulations), and the Residential Tenancies and Rooming Adaptation Act 2008 (RTRA Deed).

Agents also need to remember that retaining records in the upshot a merits is made against the bureau is crucial. In social club to defend any merits, the agent will need to be able to provide appropriate evidence.

With regards to records such equally your forms, these come nether the provisions independent in the PO Regulation which generally requires records to be kept for five years. The post-obit information is contained in Department 15 of the PO Regulations:

Department 15 – Keeping documents

This section applies subject field to the Evidence Act 1977, section 111.
A principal licensee must keep each document the licensee is required to proceed under the Deed-
a. in a secure, orderly and attainable way; and
b. for at to the lowest degree 5 years.

Section 26 of the AFA Regulation has provisions requiring records to exist kept for five years for all trust business relationship transactions.

Generally, the relevant provisions of the RTRA Act require tenancy documentation to be retained for a menstruum of at least i year subsequently the understanding ends. These may include items such as a copy of the receipt or another appropriate written tape of the payment.

If a receipt was not required to be given for the payment, you're required to produce the rent payment record for the payment.

Some other example is section 66 relating to leave condition reports, which states:

(3) The lessor or agent must keep a copy of the condition report signed by both parties for at least 1 year later the understanding ends.

Risk Management, Property Direction Claims and Professional person Indemnity Insurance

In the event a claim is made against an agent, the agent needs to ensure, during the course of every transaction, they keep appropriate written records associated with the transaction. These records may include:

PO Course 6s,
applicable tenancy choice documentation,
RTA Form 18as,
all entry, go out and routine inspection reports,
all records associated with maintenance,
contractor appointment forms and associated qualifications/insurance details,
applicable RTA approved forms,
QCAT applications,
file notes of meetings, and
telephone conversations and copies of all emails/letters and other forms of communication such as text letters.

Agents need to make sure these property direction records and any other evidence or documents such as photos are readily available if they're required to defend a claim at a later on date. A claim can be made up to six years from the appointment of discovery, and then best practice would be to retain records for at least 7 years.

REIQ members seeking farther advice on this topic or others tin email the Property Management Support Service on pmsupport@reiq.com.au or call 1300 697 347 citing their membership number. Not a fellow member? Join usa today!