With support from AARP, The NC Land Title Association, The NC REALTORS, The NC Department of Justice, The NC Real Estate Commission, and Zillow, new legislation has been proposed to protect owners of residential real estate and others who may become owners of real estate in the future, including heirs to the property.
The NCDOJ recently filed lawsuits against against real estate brokerage firm MV Realty and the company’s leaders alleging that they were engaging in predatory real estate practices, including placing 40-year liens on properties without the owner's knowledge or consent. These liens can lead to unmanageable debt and loss of the property for the owner and their heirs. Attorney General Josh Stein has taken strong action against these companies and is working with other organizations, such as AARP and the NC Real Estate Commission, to protect homeowners and prevent these scams from happening in the future.
“We allege that MV Realty is preying on vulnerable people to trick them into unfair, long-term agreements,” said Attorney General Josh Stein. “My office is taking them to court to put them out of business.”
In addition to legal action, the NCDOJ is also committed to educating homeowners and real estate professionals about these scams. They offer resources, such as their issue summary on House Bill 422 and Senate Bill 344, which were filed to address these predatory practices. By raising awareness and providing education, the NCDOJ hopes to prevent future victims of these scams.
As homeowners, it is important to be aware of the risks and dangers of predatory real estate scams. By staying informed and working together with organizations like the NCDOJ, we can protect ourselves, our families, and our homes. If you believe you or someone you know may be a victim of a predatory real estate scam, do not hesitate to reach out to the NCDOJ for help and guidance.
Together, we can fight against these scams and protect our homes and communities.
~ Leigh Brown, President, NC REALTORS®
#NAR #WhoWeR #realtorlife #WeOpenDoors #ncrealtors
Real Estate Broker. Author. Coach. CSP® (Certified Speaking Professional™) Keynote speaker. Leigh Brown is laser-focused on inspiring people to be better, strive for more, and to take the reins and lead!
Learn more about me at www.leighbrown.com
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While the NAR lawsuit judgment has stirred the real estate world, the industry is far from grinding to a halt. Real estate transactions will continue, and the role of REALTORS® in providing valuable guidance remains unchanged. Consumers should actively engage with their agents, and real estate professionals should focus on the value they bring to the table. The lawsuit is just one chapter in a continuously evolving industry, and both consumers and professionals need to stay engaged and informed.