DAYTON, Ohio (WDTN) — Ohio Attorney General Dave Yost has filed a lawsuit against MV Realty of Ohio for allegedly deceiving customers.
The lawsuit alleges that the company locks owners into misleading contracts, which are missing important information and language that is required by state law.
It states that MV Realty employees deceive Ohioans by providing clients cash as a “loan alternative” in exchange for using MV Realty as their exclusive real-estate listing broker for a given period, according to a release.
During that time, if the homeowner lists the property for sale without using MV Realty as its broker or the home is foreclosed upon, or if the homeowner’s heirs try to sell the home or the homeowner simply wants to cancel the deal, the company seeks to be paid 3 percent of the property value, with both the percentage and the property’s value determined by MV Realty, the release states.
Attorney Yost is asking the court to put the company’s unlicensed practice out of business.