RALEIGH, N.C. — Nearly 10 months after a real estate brokerage accused of tricking people into predatory and unfair long-term contracts was sued by the North Carolina Attorney General's Office, the state's real estate commission has permanently barred the group from ever operating in the Tar Heel State.
On Friday, WCNC Charlotte confirmed with the North Carolina Real Estate Commission moved to permanently prevent MV Realty from offering its services in the state. The commission offered the following statement when comment was requested:
The Commission is proud of the work it does to protect consumers in North Carolina. We believe the actions taken by the Board this week demonstrate our commitment to public protection.
When state Attorney General Josh Stein sued MV Realty in March 2023, his office alleged the brokerage was "preying on vulnerable people to trick them into unfair, long-term agreements", which included exclusive 40-year agreements that required homeowners to list their property for sale with the brokerage -- even after the homeowner dies.
Stein also claimed in his suit that MV Realty places liens on homeowner's properties to ensure the agreements can be enforced, despite claims in advertising it doesn't do so. Stein also said the brokerage, which began operating in August 2020, targeted homeowners facing financial hardship by offering small cash payments with "no strings attached" in exchange for the homeowner listing their property with MV Realty should they ever sell their home.
During a visit to Charlotte in May 2023, Stein said he supported the Unfair Real Estate Agreements Act that was, at the time, still being discussed in the North Carolina General Assembly. It was signed into law by Gov. Roy Cooper on August 17, 2023, and went into effect that day. The law effectively ends such contracts, deemed as "Right to List" service agreements, from happening in the Tar Heel State. The law garnered widespread support from several groups, including the AARP, NC Land Title Association, the Department of Justice, the NC Bar Association, and Zillow.
WCNC Charlotte has requested a response from both MV Realty and the state Attorney General's office. This article will be updated should we receive responses.