I’m clearing out old paper files. I scan what might be useful to have, even for memorabilia sake and shred the rest.
We have old real estate records for a home we use to own. It must have been sold at least two times sent we owned it. Is there any reason to keep these old real estate records? Anything in the future that might come we need to show we owned or sold the property? It has been more than 7 years, which I believe is what we are told to keep for tax purposes.
How much of a burden is it to keep them forever?
Are they just copies of the official records keep at your county seat?
What are the limits to liability on these real estate transactions?
I’ve been pitching mine after … well … 8 years just to be on the safe side … but here we have no ongoing liability after escrow closes, we’re a “buyer beware” kind of place.
I would keep the deeds of purchase and sale forever just out of generalized paranoia. Not sure you need anything else.
When my mortgage was paid off the bank sent us a package containing their certificate of discharge (or whatever it was called) and all the original deeds going back to when the house was built. I assume that when we sell the new mortgage will want all this so I have kept it.
That sounds like a good idea, and it is much less paper than what is in the file. Letters from our attorney about the closing, application for the mortgage, etc., doesn’t seem important to keep, but a couple of sheets for the deeds makes sense.
Your title insurance policy (if you had one) would also be good to keep.