ALTA Applauds Ohio Attorney General on Consumer Exploitation Lawsuit

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Feb 16, 2023, 14:08 ET

WASHINGTON, Feb. 16, 2023 /PRNewswire/ -- The American Land Title Association (ALTA) applauds Ohio Attorney General Dave Yost for his efforts to combat unfair and deceptive practices in the Ohio real estate market by filing a complaint against Florida-based real estate brokerage MV Realty. ALTA advocates for state laws and regulations preventing the enforcement of Non-Title Recorded Agreements for Personal Services (NTRAPS).

Attorney General Yost adds to the list of attorneys general who also filed complaints in December 2022, including Florida Attorney General Ashley Moody, Massachusetts Attorney General Maura Healey and Pennsylvania Attorney General Josh Shapiro. The lawsuits allege MV Realty misled consumers regarding the terms of the company's "Homeowner Benefit Program."

"A home often represents a consumer's largest financial investment, and their property rights must be protected," said ALTA CEO Diane Tomb. "Good public policy should support the certainty of landownership by ensuring there are no unreasonable restraints on future ability to sell or refinance property due to unwarranted transactional costs."

"The Ohio Land Title Association appreciates Attorney General Yost's efforts to stop MV Realty from negotiating nefarious real estate contracts in our state," said Mark Bennett, executive director of the Ohio Land Title Association and ALTA member. "These contracts take advantage of consumers and hinder their ability to transfer real property."

ALTA has prioritized combating this abusive and anti-consumer activity in the marketplace, which adds costs and complications to the transfer or financing of real estate. ALTA has worked with national stakeholders to design model legislation to make these types of unfair agreements unenforceable, prevent the recording of the agreements in land records and provide consumers with options for seeking damages.

About ALTA

The American Land Title Association, founded in 1907, is a national trade association representing more than 6,500 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys. ALTA members conduct title searches, examinations, closings and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.

Contact: Megan Hernandez
Office: 202-261-0315
Email: [email protected]

SOURCE American Land Title Association