Deadline Approaching for Eligible Homeowners to Cancel 40-year MV Realty Agreements

COLUMBUS, Ohio - The Ohio Department of Commerce Division of Real Estate & Professional Licensing is reminding nearly 1,000 Ohio homeowners of an April 29 deadline to opt out of long-term contracts with MV Realty of Ohio. This one-time opportunity stems from a settlement with the Ohio Attorney General's Office (AGO), which named 947 homeowners as eligible participants to cancel these "Homeowner Benefit Agreements."

The Division, which has received complaints regarding MV Realty and has taken administrative and civil action on the entity and its former principal broker, has worked closely with the AGO regarding these matters and is committed to helping ensure homeowners have a clear, accessible path to exit these agreements.

Under these agreements, homeowners received cash upfront in exchange for granting MV Realty exclusive listing rights on their home for up to 40 years. In addition, the company recorded a lien on the property, so if the homeowner - or an unaware heir - attempted to sell the home, the company could demand payment equaling at least 3% of the home's total value. This value would be determined by MV Realty and often exceed the amount paid initially to the homeowner.

Affected homeowners can cancel these agreements ahead of next Wednesday's deadline by completing both steps below:

• Notifying MV Realty of their intent to cancel the agreement.
• Paying a one-time payment of $75 to MV.

Homeowners are not required to repay the money they received from MV Realty at the time of the agreement.

"Ohioans deserve clarity, transparency and honesty when it comes to agreements that affect their properties, especially their homes," said Real Estate and Professional Licensing Division Superintendent Daphne Hawk. "Long-term contracts can carry long-term implications, and it's vital that all homeowners have access to the resources, information and guidance they need in order to make informed decisions.

Homeowners who believe they are eligible to exit their contract with MV Realty should review the cancellation opportunity notice, which is available at https://www.ohioattorneygeneral.gov/Files/Briefing-Room/News-Releases/AGO-MVR-HBA-Consumer-Cancellation-Offer-Letter-Fin.aspx.

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About the Division of Real Estate & Professional Licensing

The Division of Real Estate & Professional Licensing is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at com.ohio.gov.