Judge rules that GA homeowners can get out of controversial 40-year listings

GEORGIA — A company that has been the focus of a series of 25 Investigates reports has been ordered to let consumers out of their contracts.

In Georgia, Attorney General Chris Carr filed a motion for summary judgment against MV Realty and its Georgia contracts. He asked a judge to terminate all MV Realty liens and cease the collection of termination fees.

Last week, Fulton County Judge Emily K. Richardson granted Carr’s motion.

25 Investigates has been digging into MV Realty and its 40-year listing agreements for the past four years.

The judge’s order will allow consumers to get out of their 40-year contracts with MV Realty. It also orders the company to dismiss any lawsuits they have taken out they have against Georgia customers.

The company will also not be allowed to attempt to get any commission back or charge consumers a termination fee or other penalty.

MV Realty cuts homeowners an immediate check. In return, you either list your home with an MV Realty agent or pay a penalty equivalent to 3% of the sale price of the house. And the term of the deal is for the next 40 years.

Since Boston 25 News and our sister stations across the country began investigating MV Realty, Attorneys General in 12 states, including Massachusetts, have sued the company, and 29 states have passed laws targeting the company. The Mass AG’s office also filed a preliminary injunction against the company. 25 Investigates has learned that litigation is proceeding.

“MV Realty’s predatory loan scheme put thousands of Georgians at risk of losing everything they had worked so hard to earn. We took action to protect homeowners across the state, and we were able to deliver critical relief when they needed it most. This is a major win for families and seniors, and we’ll keep fighting for them each day,” Carr wrote in a statement.

MV Realty has filed for bankruptcy and could not be reached for comment.

This is a developing story. Check back for updates as more information becomes available.

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