Real Estate
What is a Lockbox?
One of
the situations which call for the use of a broker to sell a house, is when
the seller does not live in or near the real estate property that is up
for sale, or has already moved out and might be living too far away to be
available every time, to show the real estate property to prospective
buyers, who will surely want to see the inside of it before considering
buying it. In such situations, a real estate brokerage's services can be
hired to arrange showing of the property by various real estate agents.
Since there would not be anybody living at
the premises to allow customers / agents inside, a lockbox can be placed
on the door handle (alternatively attached to the door or the building)
which can only be removed by the listing brokerage. The term Lockbox has
been coined owing to the fact that locked inside the lockbox is the key(s)
to the building.
Only licensed real estate agents have the permission to open the
lockbox, and often only with authorization from the listing brokerage; in
order to enhance security, usually by the use of some secret combination
provided by the brokerage only can the insides of the premises be
accessed. A lockbox may also be placed on homes that are occupied and with
the approval from the home owner they can be shown, normally by
appointment.
