Details of a Listing Contract: Lockbox
A lockbox
is a basically a padlock with a cavity inside where a key
to your home can be placed. Only someone with a key
(electronic or mechanical) or the combination can get into the lockbox and access
the key to your home. Having a lockbox available at your house makes it easy for
other agents to get access to your house.
Without the lockbox, agents representing
buyers would have to set appointments to meet you or your agent at the
house so they could gain access and view the home. This would be
inconvenient. Since almost every other house does have a lockbox
available, if you do not allow one most agents will simply not show your
property. You will miss out on lots of potential buyers.
The listing contract specifies whether
you allow a lockbox or not. It is locked into place, usually on the
front door and cannot be removed. Only other agents can access the key
that is located within the lockbox.
© 2000 by Terry Light and RealEstate ABC, revised 2004
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