Ohio Consumers Given the Ability to Exit Contracts With MV Realty

(COLUMBUS, Ohio) - Ohio homeowners who signed long-term contracts (called "Homeowner Benefit Agreements") with MV Realty of Ohio have until April 29 to cancel those agreements under a one-time offer being communicated directly to consumers.

The cancellation opportunity allows homeowners to get out of MV Realty's Homeowner Benefit Agreement without repaying any upfront money they received. To cancel, consumers must notify MV Realty and pay a one-time fee to cover the cost of recording the contract termination with their county recorder.

"These agreements carried long-term financial consequences that many homeowners may not have fully understood when they signed," Yost said. "This cancellation offer gives Ohioans a rare chance to walk away."

MV Realty has begun sending letters to 947 Ohio consumers outlining the cancellation option, which is available only for the 90 days ending April 29. The Ohio Attorney General's Office has also sent letters to those same affected homeowners urging them to review the cancellation offer closely and consider whether cancellation is in their best interest.

MV Realty's Homeowner Benefit Agreements typically granted the company an exclusive listing right for up to 40 years in exchange for giving homeowners an amount of cash upfront. If a homeowner sold or transferred the property without using MV Realty, or if heirs attempted to sell after the homeowner's death, the company could demand a payment equal to at least 3% of the home's value, with the value determined by MV Realty.

The agreements, Yost said, may carry "very significant future financial implications," even for homeowners who do not plan to sell in the near future. He called the limited-time cancellation offer "a very significant opportunity."

Hear more from the AG:

'To get the benefit, you've got to opt in.'

MEDIA CONTACT:
Hannah Hundley: 614-906-9113

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