How long must a real estate transaction's records be kept in Virginia?

In Virginia, real estate transactions must have their records retained for a minimum of three years. This requirement ensures that there is a sufficient timeframe for any potential disputes or audits related to the transaction to be addressed. Keeping records for three years aligns with the state regulations and provides both buyers and sellers a level of protection in case any issues arise concerning the transaction after it has been completed.

Other options suggest longer or shorter retention periods, which do not meet the legal requirements specified by Virginia law. Understanding this timeframe is essential for real estate professionals to ensure compliance and best practices in record-keeping.