Attorney General Josh Stein applauds law targeting unfair real estate contracts

For immediate release:
Thursday, March 23, 2023

Contact: Nazneen Ahmed

(RALEIGH) Attorney General Josh Stein today praised members of the North Carolina Legislature for introducing legislation to protect North Carolina homeowners from predatory, long-term real estate contracts. The Unfair Real Estate Contracts Act was sponsored in the House of Representatives (HB 422) by Kyle Hall, Charles Miller, Hugh Blackwell, and Bernetta Alston, and in the Senate (SB 344) by Joyce Krawick, Brad Overcash, Sponsored by Senator Paul. Row.

“As a professional real estate agent, I understand that real estate transactions can be complex, expensive and large,” said Rep. Kyle Hall. “North Carolina property owners deserve the peace of mind that our laws prevent them from being abused with unfair, confusing, or misleading sales contracts. and we are proud to protect consumers with a simple and clear contract.”

“Exploiting homeowners with predatory business practices will not be tolerated in North Carolina. Please help my colleagues in Congress and Attorney General Josh Stein to end these fraudulent operations. Thank you for doing that,” said Senator Joyce Klawiek.

“I applaud the efforts of the House and Senate to protect North Carolina homeowners,” said Attorney General Josh Stein. “My office is taking MV Realty to court to shut it down. “Because they’re trying to trick vulnerable people into signing unfair long-term contracts. But we also need laws to allow other companies to do it.” Do not copy the workbook. “

Unfair real estate contract laws create a lien or security interest in a homeowner’s property for the purpose of owning land, or to be transferred without the homeowner’s express consent, repressive prohibits long-term “listing rights” service contracts. The law, which the Department of Justice helped draft, is endorsed by AARP, NC REALTORS, and the NC Real Estate Commission.

In a related lawsuit, Attorney General Josh Stein earlier this week accused real estate brokerage firm MV Realty and executives of the company to trick homeowners into signing 40-year oppressive real estate contracts under North Carolina law. filed a lawsuit, alleging violation of

Learn more about the law here. Read the law here and here.

Learn more about Attorney General Stein’s lawsuit against MV Realty here.


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