"The property rights of American homeowners must be safeguarded, Caroline Cone, director of state government affairs for the American Land Title Association (ALTA), said in a statement. It is essential to ensure there are no unreasonable restraints on a homeowner's ability to sell or refinance their home in the future due to unwarranted transaction costs. ALTA, along with AARP, were strong proponents of the bill, as well as other similar pieces of legislation across the country."
"The passage of this bill is a continuation of AARP's advocacy efforts, undertaken in collaboration with ALTA, to put an end to this harmful practice, said Samar Jha, AARP's director of government affairs. We look forward to working on similar legislative solutions in more states to help protect homeowners against this predatory real estate practice. Since 2023, 33 other states have passed legislation preventing the use of these types of programs."
MV Realty's benefit program required homeowners to sign over the right to list their homes for up to 40 years in exchange for a one-time nominal cash payment. Such agreements can impose unreasonable restraints on a homeowner's ability to sell or refinance due to unwarranted transaction costs. ALTA and AARP supported legislation to prohibit these programs and protect property rights. Since 2023, 33 states have passed laws preventing these arrangements, and 13 state attorneys general sued MV Realty over the program. MV Realty filed for Chapter 11 bankruptcy protection in September 2023 but later withdrew the filing.
Read at www.housingwire.com
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