I'm looking forward to seeing responses to your question from people in the real estate field.

A warranty deed is filed with the local government, isn't it? If so, if by some extreme case it is needed again, a copy would be on file there, I would think.

Graywings, I am also wondering how different states/counties do things. There may not be a one-answer-fits-all, so people aren't commenting. In our county, when I paid off the mortgage early the bank said that I should give them 6-8 weeks to get it recorded and then go to the county and ask for a copy of our deed. So that's what I did. The person at the Recording office said that's what the banks always tell people, but actually the warranty deed is provided at the time of closing. She did make a copy of the title which showed us as sole owners, but said that we should already have the warranty deed. So I went home and searched through our file of closing documents and did, indeed, find the warranty deed. I also found a lot of other paperwork which I'm wondering whether I need to keep or not. Probably need to ask a local real estate person or maybe when we go into the title company for closing on the property we are buying I'll ask them what we need to keep forever. However, I'm hoping to see some answers here, too.

Great question sail_away.

Thanks cpartist. So maybe I'm not the only one who was a bit embarrassed to admit my ignorance? Maybe others are staring at the stacks of papers you walk out of closing with and wondering if they dare dispose of at least some of them twenty years later?

I still have all of my from almost 30 years of home ownership. Never really knew what to do with them so they just come with me from house to house.

I have hard copy files on every property I have personally either purchased or sold since 1982. I also have hard copies of every transaction I have been a party to as a Realtor since 2000 and those files have came in handy on more than one occasion. I also back up all my emails every so often and burn them to disk.

My Brokerage keeps most important files (but not all the notes I have) and I think they have to keep the files for 7 years.

You can shred old docs after you have scanned them and made sure they are archived in at least two different places that are archive quality.

I just got through an audit with no change and almost had an issue with one document missing from 18 years ago. They ignored that because I had others older than that.

During a divorce, I had an issue with something my Ex threw away that was over 10 years old at the time she threw it away. She was an accounting professional, BTW. It was 23 years old at the time I needed it.

Yikes! It sounds like most are saying save everything! Did I mention we're DOWNsizing? : )

Well... I kept the last house sale papers. All of them. And ended up needing them to finance this house. So I am no help! I can't remember (so many pieces of paper!) what I needed, but I had to prove something with them. Good luck.

You can be comfortable throwing things away selectively. You don't need utility bills from ages ago but keep the bank statements that show who and what you paid, for example.

We keep all financial papers related to ownership/title and taxes forever. Ya just never know... We keep upkeep and new stuff receipts for us and future owners and leave with the house when we sell. Utility bills and all that - nope.

From a tax standpoint, does one need to keep proof of cost basis for more than one previous property? I think that if I were a person that the IRS would possibly have some interest in because of my business or whatever, I would be inclined to keep more, longer.

I would also keep the financial papers re mortgage pay-off and taxes paid just in case a question arises (an error at the credit bureau, say). I

I would like to hear just exactly what sort of documents were needed after 18 years (as mentioned in another reply)!

I believe that - as in many conversations - some of the comments are not direct responses to the original question, and some are just "I feel better when I do things this way" answers.

Surely the comment to shred a document only after you have scanned it and made sure it was archived "in at least two different places that are archive quality" falls into the "I feel better when" category. By scanning, you are still keeping the document when the question is whether you need to keep it at all. Similarly, the suggestion that you can throw away utility bills but not bank statements - in this day and age, who has paper bank statements? There is the theoretical possibility that all electronic records could disappear, but no amount of paper in your home is going to help you in a nationwide catastrophe. Probably not even paper money.

We recently got a deed to the grave site where my MIL is buried. I can't imagine a need to keep it.

graywings, you'd be surprised what people will look for. The house I just bought? They wanted documentation of things like a divorce that happened in 1993. Um? Surely kids would be grown and no child support? Surely restorative alimony would be paid by now? Oh. No debts left. Had to prove it. And I had to drive several counties over during the day because it was so old it was archived. How much room could some papers take up? I'd rather have them on hand. Not keeping electrical bills, but all paperwork from the closing will be kept. Forever. Learned my lesson. Almost all I have is electronic and it made my underwriting fly. So do scan and upload on something you can access.

Hello rob,

I think asking for divorce arrangement related paper work is to provide your CURRENT financial status for your recent purchase. How would your lender know if there is no obligation left even your kids have grown, as some obligations are life long, for example, taking care of kids with special needs.

It is not the same as keeping closing documents for houses owned in the past.

It would be great to know why there is a need to keep these documents other than the properties with current ownership.

After having gone through files in my deceased father's house, I came across decades old (50's) paperwork that notified my grandfather of a stockholders meeting which on it's face value meant nothing. A short time later, someone called looking for the descendents of stockholders and being that was the only paperwork with the company name, it has qualified us to receive the proceeds remaining (company went defunct in 2005). No idea how much, it doesn't really matter, just that you never know!

As I stated before, I needed the paperwork from the PREVIOUS house in order to get this house. Divorce was another example of the many many many many pieces of paper the underwriter wanted.

I'm keeping the stack of papers. You'll need all kinds of financial information for all kinds of reasons later on in life for reasons other than financing another house. I'll be better safe than sorry. Up to you to live your life your way, but I'll keep mine and be glad I did. I'm keeping all my tax records for forever too. I've lived almost fifty years and all of the pieces of paper in my life fill about one drawer of a file cabinet. I assume, if I live another fifty years, I can handle another drawer.

"I needed the paperwork from the PREVIOUS house in order to get this house",

Did they give the reasons why they needed it?

At the time, they did say why. Don't remember, and it wasn't important enough to worry me. I was happy to jump through whatever hoops they wanted. But, and this is what really needs to be thought about, you're not only going to need things like house buying paperwork for the next house, there could also be legal or other financial situations you'd need it.

We're keeping the house sale things ONLY until the taxes on the deal are paid, and for as long as tax year records have to be kept.

The current house documents will be kept for as long as we own the house, and then turn into tax records after the sale.

Cearbhall, Thanks---that's the kind of information I was looking for.