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Answer: The statute of limitations (the time one has to bring a lawsuit) for written leases is four years. Therefore, leases should be retained a minimum of four years from the date of the vacancy.
How Long Should I Keep Old Lease Agreements? Prudent landlords usually keep old leases for six or seven years.
This should be AT LEAST six years from the end of the tenancy and arguably twelve years from the end of the tenancy. As tenants have a minimum of six years within which to bring a claim, or maybe twelve if the tenancy agreement was signed as a deed. So the details should be kept until all risk of a claim is gone.
There are two elements that must be considered: IRS and Fair Housing. The rule of thumb from the IRS is that you are responsible to produce records for 7 years. (Actually, 5 years, but must be able to produce 7 if requested......go figure.) What muddles the issue comes from Fair Housing Regulations.
If a tenant continues to pay rent after a lease ends, in most states the terms of the expired lease carry over into a month-to-month tenancy. ... A landlord and a tenant may also agree to extend the tenancy by signing a new lease agreement. The landlord can change the terms of the lease and increase the rent.
In the end, you should keep former-tenant records for at least the length of time you may need them for your own internal or tax-audit purposes, or approximately eight years after a move-out, abandonment or sale.
Generally, landlords should retain records until the tenant is out of time for making a legal claim, somewhere between four and seven years after the event.
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return including Forms W2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts for three to seven years.
Keep important documentation, including guest cards, declined applications, availability reports, dates and times of rental rate changes, and all service requests on file for at least 3 years, though preferably for 5 years.
Resident Files: Resident files (all documents) must be maintained for the term of tenancy and for three years after tenancy ends for any reason. 5-23 Record-Keeping Procedures A. Owners must keep the following documents in the tenant's file at the project site: 1.
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