“This
decision
is
a
major
win
for
North
Carolina
homeowners
and
a
clear
message
that
deceptive
agreements
undermining
property
rights
will
not
be
tolerated,”
said
Caroline
Cone,
ALTA
director
of
state
government
affairs.
“Homeowners
should
never
face
hidden
or
unreasonable
restraints
on
their
ability
to
sell,
refinance
or
pass
on
their
property
due
to
misleading
contracts
that
cloud
title
and
threaten
financial
security.”

Jenn
Jones,
vice
president
of
financial
security
and
livable
communities,
government
affairs
at
AARP,
agreed
that
the
ruling
represents
a
significant
victory
for

North
Carolina
homeowners.

“It
sends
a
clear
message:
predatory
real
estate
schemes
have
no
place
in
our
housing
market,”
she
said.
“We
look
forward
to
working
with
more
states
to
ensure
homeowners
nationwide
receive
the
same
protections.”

MV
Realty’s
agreements
—
known
as

non-title
recorded
agreements
for
personal
services
(NTRAPS)
—
were
filed
in
property
records
and
locked
homeowners
into
exclusive
listing
contracts
for
up
to
40
years
in
exchange
for
modest
upfront
payments.

Contracts
required
homeowners
to
pay
commissions
even
if
their
property
was
sold
without
the
company’s
involvement.

Critics
say
the
agreements
created
impediments
and
increased
the
cost
and
complexity
of
selling,
refinancing
or
transferring
real
estate
while
misleading
homeowners,
lenders
and
future
buyers.

North
Carolina
lawmakers

previously
banned
NTRAPS
in
2023.
Since
then,
33
states
have
enacted
similar
legislation.

“A
home
often
represents
a
consumer’s
largest
financial
investment,
and
their
property
rights
must
be
protected,”
said
Michael
Olender,
AARP
North
Carolina
state
director.
“Good
public
policy
should
support
the
certainty
of
homeownership
by
ensuring
there
are
no
unreasonable
restraints
on
future
ability
to
sell
or
refinance
property.”

Nancy
Ferguson,
co-chair
of
the
NCLTA
Legislative
Committee,
said
the
state
association
helped
coordinate
a
response
among
real
estate
stakeholders
across
North
Carolina
—
including
the
Attorney
General’s
office,
the
Secretary
of
State’s
Land
Records
Management
Division,
the

North
Carolina
Bar
Association
and
the

North
Carolina
Association
of
Registers
of
Deeds.

“By
providing
legislative
support,
conducting
comprehensive
research
on
filings
across
all
100
counties
and
sharing
ALTA
resources,
NCLTA
helped
expedite
solutions
that
might
otherwise
have
been
delayed
within
already
strained
state
resources,”
she
said.

MV
Realty
has
been
banned
from
Florida,
Minnesota,
Idaho,
North
Carolina
and

California.
The
firm
filed
for

bankruptcy
in
2023.