A recently-published Registrar’s Bulletin addressed the proper use of lockboxes on listed properties, the permissions required from sellers, the expectations for protection of the seller’s property when a lockbox is in use and the importance of keeping up to date on technological advances and best practices when using lockboxes.
Be sure you are complying with the rules – read the full Registrar’s Bulletin here
RAHB’s also has rules and policies on the use of lockboxes and seller’s keys. They are found in the Rules & Regulations, Section 2 MLS® Listings, Subsection 2.17; Section 12 Trading Procedures, Subsection 12.07, and in MLS® Policies – Miscellaneous #16, as follows:
Section 2 MLS® Listings
2.17 Members shall ensure that lock boxes provided for the purposes of access to the property which is the subject of an MLS® Listing are set with a unique code for the security of their Seller’s property. Further, Members shall change the lock box combinations, as required during the course of the Listing to maintain reasonable security, and not use any preset manufacturers’ codes.
Section 12 Trading Procedures
12.07 With the knowledge and authority of the Listing Brokerage, keys or other entry systems may only be used by Members for the purpose of inspecting properties or showing properties. The making of duplicate keys from the one obtained, the action of failing to return the key to the Listing Brokerage within a reasonable time, or the turning over of the key or information on the entry system to any Person not authorized by the Listing Brokerage, is an unauthorized use. The member conducting the showing or inspection will remain on the premises during the entire period of access unless permission in writing has been obtained from the Listing Brokerage and will ensure that all security precautions are taken.
12.07a) Keys shall be re-deposited in a lockbox immediately upon exiting the property and the lockbox shall be properly secured.
12.07b) The member conducting the showing or inspection is solely responsible to ensure that all security precautions are taken prior to departing the property.
MLS® Policies – Miscellaneous
16. Any member found to be in breach of Rules and Regulations, Section 2 – MLS® Listings sub-section 2.17 (lock box code) will be fined $50 for the first offence, and $200 for the second and any subsequent offence.