Legal Question in Real Estate Law in California

Re: retention of rejected or uncompleted contracts

Business and Professions Code section 10148 requires a broker to retain many listing-related and transaction-related records for three years after a transaction is consummated or, if the deal doesn't close, for three years from the date of the listing agreement. While the law doesn't specifically mention "offers that didn't get accepted" as a category of record that must be retained, I'm almost certain that they would be deemed part of one or more other categories specifically named in B&P 10148 and the three-year requirement would apply. I'd also add that I believe most competent brokers will retain such records considerably longer. They may now be kept in electronic format such as by scanning onto a "write once, read many" disc.

Re: retention of rejected or uncompleted contracts

No idea. Check with the Department of Real Estate.