Lock Box | Propertylogy

Lock Box

By on November 8, 2018

A lock box is a specially designed box place on the door of homes with the keys to the door secured inside.

This device is installed so that real estate agents and prospective buyers of the house can access the property for viewing when the owners are not at the premises.

More modern and advanced models require a password to open the box.

Such arrangements are solutions to home sellers who are seldom at home, located overseas, or just cannot trust their agents enough to give them a set of spare keys.

In the lending industry, a lock box is something like a P.O box where customers make payments to a business by sending payments to it.

The lender then takes all receipts, use it to repay any outstanding debt obligations, and remit the balance back to the business.



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