(WKBN) – The practice of a real estate firm in Ohio has caught the eye of Attorney General David Yost.
A preliminary injunction has been filed against MV Realty and its business practice of paying homeowners to list their homes at a later date.
The injunction was filed in Franklin County Common Pleas Court and says that MV Realty, its founder Amanda Zachman and its principal broker Diana Remar must stop what Yost says is the “unlicensed practice of real estate, from entering into a new exclusive right to list agreements, and from using agreements that are not in compliance with Ohio law.”
Yost said the company enters into contracts with homeowners and gives them a small amount of cash for the exclusive right to list their property for sale at a future, unspecified date, sometimes multiple decades later.
MV then files a memorandum with the county recorder that operates as a lien on the property that is attached to the land, not the owner.
“Taking swift action against MV Realty and securing a preliminary injunction is a crucial step in safeguarding Ohio’s homeowners and upholding the integrity of our real estate market,” Yost said. “We cannot tolerate deceitful practices that trick people and put their hard-earned assets at risk. Ohioans deserve a fair and transparent real estate environment.”
Yost filed a lawsuit in February against MV Realty saying that the business model “deceives homeowners” and violates Ohio law.
A status conference is set for August 16.