Some companies employ questionable tactics to get business. One realty company that does business in Ohio has drawn the attention of the state’s Attorney General, David Yost, for it’s allegedly deceitful business practices. Yost has recently filed suit against the company for allegedly misleading consumers into unfair contracts.
Yost filed suit against MV Realty of Ohio in Franklin County Common Pleas Court. The lawsuit asserts that the realty company offered “loan alternatives” to homeowners in exchange for them agreeing to exclusive sales contracts with the company. These loan alternatives range anywhere from $300 to $5,000 in cash, but homeowners must sign contracts naming MV Realty as their exclusive real estate listing broker for considerable periods of time, some as long as 40 years. If homeowners, or their heirs, try to list their homes with other realtors, MV Realty expects to be paid 3% of the property value, which the company plans to determine on its own.
The lawsuit also alleges that MV Realty purposefully misled homeowners into signing contacts that did not contain crucial information and clear language as state law requires. Yost contends the company is making money off people by deliberately tricking them and not disclosing important information for homeowners to make prudent and informed decisions. MV Realty has headquarters in Florida, and it faces lawsuits in Florida, Massachusetts and Pennsylvania.
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Yost ultimately wants to shut down MV Realty completely, and it will be interesting to see what becomes of the lawsuits pending against the company. Although most realty companies are legitimate businesses that employ fair and lawful business practices, any real estate transaction is complex with many aspects to consider. Even in the best-intended transactions, mistakes can happen or disputes may arise. Therefore, it is always best to work directly with an experienced real estate attorney in Ohio from the beginning to safeguard one’s rights and interests and obtain the favorable outcomes one deserves.