Property Manager Must Maintain Records for Three Years
Posted on August 1, 2012 by AAR
FACTS AS PRESENTED BY THE CALLER:
A landlord and his property manager became entangled in a dispute regarding the cost of a repair performed at the subject rental property. As a result of the dispute, the landlord has demanded that the property manager produce receipts for each and every repair performed at the property at the direction of the property manager over the last five years.
Must the property manager comply with the landlord’s request?
A.R.S. § 32-2175(c) requires property managers to “keep all financial records pertaining to clients for at least three years from the date each document was executed, including bank statements, canceled checks or bank generated check images, deposit slips, bank receipts, receipts and disbursement journals, owner statements, client ledgers and applicable bills, invoices and statements.” Therefore, although the property manager is not required to produce five years of receipts, three years of receipts will need to be conveyed.
Arizona REALTOR® Magazine – August 2012