Lorain County homeowners alerted to settlement over MV Realty agreements

Lorain County Recorder Mike Doran said affected county residents have a limited-time opportunity thanks to the Ohio Attorney General to cancel long-term real estate agreements with MV Realty of Ohio. The opportunity applies to Lorain County homeowners who signed a homeowner benefit agreement, or HBA, with MV Realty and whose property may have a related memorandum recorded with the county Recorder, Doran said in a news release. Eligible homeowners have until April 29 to cancel their agreement without being required to repay the upfront funds they received at the time of signing. The cancellation option follows an investigation and resolution between MV Realty and the state Attorney General. Members of the Ohio Recorders' Association saw similar recording activity in other states and raised concerns about comparable agreements in Ohio land records, Doran said. Specifically, questions arose about whether some homeowners "fully understood the long-term financial obligations associated with such contracts," Doran said in news release. From 2019 to 2023, MV Realty entered into agreements granting it the exclusive right to list certain residential properties for periods of up to 40 years. Then in 2023, Ohio passed a law identifying some exclusive residential listing agreements as unfair or deceptive practices under the state Consumer Sales Practices Act. Contracts executed prior to the law's effective date were not automatically invalidated, but the Attorney General's resolution with MV Realty created a one-time cancellation window for affected homeowners statewide, Doran said. To participate, homeowners must notify MV Realty of their intent to cancel by April 29 and pay a one-time $75 fee. MV Realty is then required to record a termination document with the appropriate county recorder's office, formally releasing the previously recorded memorandum. "The Recorder's Office does not review, interpret, or enforce private contracts," Doran wrote. "However, given the Attorney General's announcement, we want Lorain County residents to be aware of this deadline and to review any correspondence they may receive, if they believe they have an agreement with MV Realty." "Our office is providing informational notice to property owners whose recorded documents may be affected," Doran wrote. "Residents may also use our online document search tool to review records filed with the Recorder's Office." For more information, residents are encouraged to visit the Ohio Attorney General's website at www.ohioattorneygeneral.gov or send an email to MVRInquiries@ohioAGO.gov.