LAS VEGAS (FOX5) — The Nevada Department of Business is looking for homeowners who may have been harmed by a local realtor offering a lien scheme.
According to a release sent Wednesday morning, the department announced an investigation into MV Realty for alleged deceptive trade practices that may have harmed more than 800 homeowners through a program that secretly placed 40-year liens on their properties.
The state agency says it believes the group 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 the agent to conduct a market analysis of their home.
According to the release, 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, the group 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 the group three percent of the home’s value.
Nevada Consumer Affairs 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
In 2023, Nevada enacted a law which prohibits so-called “non-title recorded agreements for personal services” with terms longer than one year. While the statute applies prospectively to agreements entered into after June 2023, Nevada Consumer Affairs 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 the group and its affiliates for similar conduct, including 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 the realty group or who have discovered a lien related to the Homeowner Benefit Program are encouraged to visit Nevada Consumer Affairs’ website at consumeraffairs.nv.gov to learn more and file a complaint online, or to contact them by telephone at 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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