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A special lock placed on the door of a listed property designed to facilitate the broker’s showing of that property. The house keys are located inside the lock box. This way, a cooperating broker wanting to inspect the property need not go to the listing broker’s office for the house keys but merely calls the listing office for the lock box combination. Some lock boxes have locks that open with keys, others can be opened with digital devices.

Lack of ordinary care in installing the lock box or providing the combination or special key could result in liability for property damage, theft, or personal injury. Some errors and omissions insurance policies now have a special lock box liability endorsement.
Dearborn Real Estate Education
This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.
  

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