How long must a broker maintain a residential property condition disclosure statement?

In South Carolina, a broker is required to maintain a residential property condition disclosure statement for a specified period of time to ensure that there is accountability and a record of disclosures made regarding the property's condition. The correct duration for retaining these statements is five years.

This time frame allows for any potential disputes or claims regarding the property's condition to be addressed adequately, as it reflects a reasonable period during which issues may arise after the transfer of property ownership. Keeping the disclosure statement on file also shows compliance with state regulations, thereby protecting both the broker and the seller.

The other options do not align with South Carolina's legal requirements; three years might not provide enough time for claims to surface, while ten years and indefinitely would impose unnecessary burdens on brokers in terms of storage and retrieval of documents that may not be relevant after a certain duration.