Disclosure Documents Retention

[Artbuc]

Jurisdiction

Pennsylvania

Hi, we sold our previous residence on December 13, 2018. How long should I keep our disclosure statement? Thanks.

 

[PayrollHRGuy]

Not that I can think of any reason to ever get rid of it but I'd keep it at least 8 years.

 

[adjusterjack]

At least as long as the Statute of Limitations is for a lawsuit. 4 years for breach of contract. 2 years for torts generally.

Scan it to your computer and just leave it there forever. Then you don't have to worry about it. Takes up a just a few nanobytes. I would also scan your closing documents and deed and the mortgage release before disposing of them.

 

[Artbuc]

Thx. Actually I do have the disclosure scanned into my desktop. Other docs are in paper files. I was getting organized for tax season and came across the file. I am a little OCD when it comes to getting rid of clutter and other unnecessary stuff. Seems like every time I chuck something I have not used for a long time, I immediately need it, lol. Yes, PA code says 2 year statute of limitations on real estate disclosure. I will keep it, for now.

 

[adjusterjack]

Don't forget to back up the files on your computer.

 

[Artbuc]

Don't forget to back up the files on your computer.

Every week with Macrium Reflect. One new image on portable harddrive and another on salvaged harddrive I put in an enclosure. Sunday morning ritual.

 

[adjusterjack]

Great minds think alike. Daily incremental backup automatically with NTI Backup EZ4. Frequent backup to separate hard drive that I keep away from the computer.

 

[Tax Counsel]

At least as long as the Statute of Limitations is for a lawsuit. 4 years for breach of contract. 2 years for torts generally.

Keep them at least 7 year for tax purposes, and depending on the details of your transactions it could be more.