According to Oregon law, how long must property managers retain financial records?

In Oregon, property managers are required to retain financial records for a minimum of three years. This requirement is in place to ensure transparency and accountability in managing property finances. Retaining records for this period allows for a comprehensive audit trail, essential for resolving any disputes, providing evidence of transactions, and conforming to regulations governing real estate and property management practices.

By maintaining these records for three years, property managers can also adequately respond to any inquiries from tenants, owners, or regulatory agencies, thus protecting their interests and ensuring compliance with state laws. This timeframe strikes a balance between maintaining necessary records for effective management and allowing property managers to orderly dispose of outdated information once it has surpassed the retention requirement.