MV Realty Public Service Announcement – Nevada Consumer Affairs

Department of Business and Industry Director Dr. Kristopher Sanchez, in conjunction with Nevada Consumer Affairs (“NCA”), today announced an active investigation into MV Realty PBC, LLC, MV Realty of Nevada, LLC, and certain affiliated entities (collectively, MV Realty) for alleged deceptive trade practices that may have harmed more than 800 Nevada homeowners.

Based on media reports and a preliminary investigation conducted by Nevada Consumer Affairs, investigators have reason to believe that MV Realty promoted what it called a “Homeowner Benefit Program” through internet and telephone solicitations. Under the program, homeowners were offered cash, typically between $500 and $1,500, in exchange for allowing an MV Realty agent to conduct a market analysis of their home.

According to NCA, many homeowners were not adequately informed that participation in the program required them to sign a 40-year exclusive real estate listing agreement. After obtaining homeowners’ signatures, MV Realty allegedly recorded 40-year liens against the homeowners’ properties, often without their knowledge. Homeowners frequently discover these liens only when attempting to sell their home, refinance, or borrow against their home’s equity. In many cases, homeowners were told the lien could be removed only by paying MV Realty three percent of the home’s value.

NCA alleges that MV Realty used deception to procure homeowners’ signatures on the exclusive listing agreements and failed to disclose that the agreements, or memoranda of those agreements, would be recorded as long-term liens against the property.

In 2023, Nevada enacted NRS 111.2397, which prohibits so-called “non-title recorded agreements for personal services” (NTRAPS) with terms longer than one year. While the statute applies prospectively to agreements entered into after June 2023, NCA believes relief may be available to Nevada homeowners who entered into these agreements prior to that date under Nevada’s deceptive trade practices laws.

Other states have taken enforcement action against MV Realty and its affiliates for similar conduct. These actions include the termination of thousands of homeowner agreements and liens, and the payment of millions of dollars in penalties and consumer restitution in states such as Florida, Georgia, North Carolina, Pennsylvania, New Jersey, and Oregon.

Nevada Consumer Affairs is urging impacted homeowners to come forward.

Nevada homeowners who believe they signed an agreement with MV Realty or who have discovered a lien related to the Homeowner Benefit Program are encouraged to visit NCA’s website (www.consumeraffairs.nv.gov) to learn more and file a complaint online, or to contact them by telephone (1-844-594-7275). Even homeowners who have already paid to have the lien released are encouraged to reach out, as their information may assist the investigation.

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