Ohio homeowners given limited-time offer to exit MV Realty contracts
The Ohio Attorney General's Office announced in a news release on Tuesday that homeowners who entered into a contract with MV Realty of Ohio have a limited, one-time offer to exit that agreement.
Among the homeowners who signed long-term contracts, called "Homeowner Benefit Agreements", with MV Realty, 947 Ohio consumers have until April 29 to cancel them without repaying any money received upfront when entering the contract.
However, those who choose to cancel will have to pay a one-time fee to record the contract termination with their county recorder.
According to the release, MV Realty's Homeowner Benefit Agreements typically granted the company an exclusive listing right for up to 40 years. In exchange, the homeowner got a certain amount of money upfront.
Though if the homeowner went on to sell, transfer or foreclose on the property, or if heirs attempted to sell after the death of the homeowner, without MV Realty, the company could demand a payment equal to at least 3% of the home's value, determined by the company.
"These agreements carried long-term financial consequences that many homeowners may not have fully understood when they signed," said Attorney General Dave Yost.
Yost continued," This cancellation offer gives Ohioans a rare chance to walk away."
In 2023, Attorney General Yost sought a preliminary and permanent injunction against MV Realty, the company's founder and its principal broker, in an attempt to stop them from negotiating real estate contracts.
In the suit, Yost alleges that MV Realty leadership confused and misled homeowners with the Homeowner Benefit Agreements contracts that omitted information and language required by the state.
MV Realty has also seen legal troubles in other parts of the United States.
California Attorney General Rob Bonta secured a preliminary injunction against MV Realty in September of 2024.
Additionally, then-Attorney General Josh Stein of North Carolina filed a lawsuit against the company in March of 2023, claiming that they violated the state's laws prohibiting unfair and deceptive practices.
