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Lockbox Authorization

DEFINITION

Authorization of the property owner that allows the broker to install a lockbox. Presence of the lockbox presents certain financial risks such as potential damage to the property, the potential for valuable items being stolen, and others.

EXPLANATION

A lockbox authorization form when executed authorizes a listing agent to install a lock box outside the property of their seller. A lockbox is a security box, typically placed outside a property, that contains the property’s key for other agents and buyers to access. In order to use the lockbox, the prospective buyer or agent must have a special device or code that unlocks the lock box where the keys are located. The lock box tracks and keeps a log of all party’s that access the lockbox. This data is mainly used to track who viewed the property and number of guests that visited.

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