As we discussed, this really needs to go out to the agents…we see and hear about this practice every day.
Jon Kichen
Vice President, Associate Broker
West USA Realty
602-942-4200
602-863-4602 (e-fax)
-----Original Message----- From:communication@ARMLS.com [mailto:communication@ARMLS.com] Sent: Wednesday, August 05, 2009 9:53 AM To: Jon A Kichen Subject: Subscriber Complaints Spur ARMLS Message
Don't Share the Lockbox Code with Your Buyer
ARMLS is receiving numerous reports of agents using non-electronic lockboxes on their listings (sometimes called mechanical boxes or contractor boxes) and publishing the combination code in the REALTOR® Remarks of the listing. The practice of publishing the code in the REALTOR® Remarks is not a violation of ARMLS Rules and Regulations. The problem arises when a buyer's representative gives that combination to a potential buyer to look at a house on their own. Such practices create huge potential liability for the listing broker, the selling broker and the buyer's agent. Sellers look to REALTORS® as protectors of their property. Such unaccompanied visits by buyers could result in property damage, theft, or bodily injury. Do you want to be responsible for causing a seller such a loss?
ARMLS Rule 13.4 states, in part, that Subscribers may use a lockbox to enter a property only with the consent of the listing agent, subject to the listing's showing instructions. A listing agent may give the combination to a contractor to access the property for bids on repairs or the actual repairs.
Violations of the lockbox rules can result in a fine of up to $2,000 for a first offense, up to $15,000 for multiple offenses and suspension from the MLS from 30 days up to one year.
Letting a buyer go to a listed property without an agent is an open invitation for mischief. Don't risk your career or jeopardize your financial future. NEVER give out the combination to a lockbox to a buyer or vendor.
No comments:
Post a Comment