You will never be told that you are required by law to retain all records for seven years. That warrants repeating: You will never be told that you are required by law to retain all records for seven years.
Why are you not told? It’s simple, really. You are a professional – you have signed an agreement to that effect. It also states that you acknowledge that you will abide by all applicable local, state and federal laws. Even if you do not know about them.
So, when you receive your subpoena for inspection forms and photos of that house you took three years ago, can you supply them?
Most contractors find they have to rely on the company’s copies of what they say “was submitted” to them. Ever wonder if companies have been known to falsify their records? They have!