Georgia Secures $1 Million Restitution From MV Realty, Saving Homeowners $25.6 Million

ATLANTA, Ga. — Georgia Attorney General Chris Carr has secured a court order permanently prohibiting MV Realty from conducting business in Georgia or collecting additional money from Georgia consumers, while obtaining $1 million in restitution for homeowners affected by the company’s business practices.

The Consent Judgment stems from a lawsuit Carr filed against the Florida-based real estate brokerage in January 2024.

According to the Attorney General’s Office, the settlement provides relief to more than 3,300 Georgia homeowners who signed what officials describe as predatory contracts through MV Realty’s “Homeowner Benefit Program.” Approximately 1,000 of those consumers are age 60 or older.

Officials said more than 400 Georgians paid MV Realty’s early termination fee. Those consumers will receive payments from the $1 million restitution fund, which will be administered by the Attorney General’s Consumer Protection Division. The office said affected consumers have already been identified and will be contacted directly.

The Attorney General’s Office said the settlement represents the largest upfront restitution payment secured by any state that has resolved claims against MV Realty, bringing the total savings for Georgia homeowners to $25.6 million.

“MV Realty took advantage of Georgia homeowners who were already struggling, scamming them out of their equity and putting their life savings at risk,” Attorney General Chris Carr said. “It’s unconscionable, and it’s why we took action to put a stop to their predatory scheme once and for all. With this outcome, we’re returning those funds to the hundreds of Georgians who were impacted, and we’re sending a strong message that this type of illegal behavior won’t be tolerated in this state.”

According to the lawsuit, MV Realty marketed its “Homeowner Benefit Program” through websites, social media, and telemarketing, offering homeowners a small upfront cash payment in exchange for agreeing to use the company as their real estate agent in the future.

The Attorney General’s Office alleged the company failed to clearly disclose that participants were entering into a 40-year agreement requiring them or their heirs to pay MV Realty at least 3% of the home’s value if the property was sold without using the company, transferred to another owner, or entered foreclosure before the agreement expired.

State officials said MV Realty recorded memorandums against more than 3,300 Georgia properties that effectively created a cloud on the title, interfering with homeowners’ ability to sell, refinance, or obtain a reverse mortgage.

As part of the settlement, all of those recorded memorandums have been terminated, removing the encumbrances from the affected properties.

If you are an MV Realty customer with questions about how this order will impact you, visit the RFQ page.

Please note that the Georgia General Assembly passed a bill that lists specific prohibitions and requirements on unsolicited brokerage solicitations. The bill was signed into law and took effect on Jan. 1, 2024. Read more on the Consumer Protection website.