"According to Labrador, the settlement voids the contracts as if they never existed. Over the course of their investigation, Labrador's office claims they found that MV Realty's contracts contained terms the company deliberately hid because no reasonable family would agree to them. As part of the settlement, MV Realty is obligated to contact every Idaho county recorder to remove the contracts from homeowners' property records."
"Additionally, MV Realty and its three primary executives Amanda Zachman, Anthony Mitchell and David Manchester are all banned from working in residential real estate in Idaho for five years. Our lawsuit forced them to void every one of these predatory agreements and leave Idaho for five years, ensuring our families can sell their homes freely without fear of scams designed to exploit them."
The settlement voids the contracts as if they never existed. MV Realty's contracts contained concealed terms that no reasonable family would accept. MV Realty must contact every Idaho county recorder to remove the contracts from homeowners' property records. MV Realty and three primary executives — Amanda Zachman, Anthony Mitchell and David Manchester — are banned from working in Idaho residential real estate for five years. Idaho families were locked into 40-year obligations with massive penalties for using a different real estate agent. Thirteen attorneys general sued MV Realty, and since 2023 thirty-three states have passed laws banning such programs. MV Realty filed for Chapter 11 bankruptcy protection in September 2023 but later withdrew the request.
Read at www.housingwire.com
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