How long must a real estate broker retain records of transactions in Virginia?

In Virginia, real estate brokers are required to retain records of transactions for a minimum of three years. This retention period is established to ensure compliance with legal and regulatory requirements, providing a clear audit trail if questions about a transaction arise. Keeping records for this amount of time allows brokers to address any disputes, verify commissions, and respond to inquiries from regulatory authorities or clients.

While shorter retention periods may seem adequate for some records, the three-year requirement helps protect all parties involved in a transaction by ensuring that documentation is available for review in case of issues that may not surface immediately. This is particularly important in real estate transactions, where the details may be complex and require references to various agreements, disclosures, and communications.