In North Carolina, how long must real estate records be retained by the broker?

In North Carolina, the retention period for real estate transaction records mandated for brokers is three years. This requirement aligns with the state's regulations, which emphasize the importance of maintaining thorough records for the duration of this time frame. Brokers must keep documentation such as contracts, closing statements, and any correspondence concerning transactions to ensure compliance with legal and regulatory standards. Retaining records for three years helps protect brokers and their clients, providing necessary documentation in case of disputes or legal inquiries that may arise after a transaction concludes. By adhering to this retention period, brokers can demonstrate accountability and transparency in their business practices.