Apparently, it is a legal way for a R.E. co. to guarantee potential future listings for FORTY years by enterng into a contract with owners that will guarantee said RE co. the first crack at selling the property if/when owners decide to sell in exchange for a nominal sum of money which ONLY has to be repaid at a much higher rate IF owners do NOT first list with said co. should they decide to sell during the next FORTY years. Note that if they never sell until after 40 years have passed, they never have to repay AND, apparently, said R.E. co files a lien on property m/l to assure that the contract will not be breached by owners. Once people read whole contract or do more research, they decide it’s not worth it and cancel. I have also heard, but don’t actually KNOW, that this lien may screw up a future refi. (I don’t know particulars but a bank would not like seeing a lien and probably would want it ‘paid/eliminated’ as part of the refi.)
As a lot can happen in 40 years, there have been some people who’ve forgotten they had a contract, sold their property thru another RE agency, only to have the lien pop up at Closing (essentially paying commission to both listing/selling agency AND MV Realty) or maybe they died and when property was sold by executor/kids who did not know about said contract/lien, they cry foul.
Do a search (barely visible gray magnifying glass in upper right of brown bar) as this co. has been discussed a lot here and the general consensus is that most notaries turn these down (same as debt relief signings) due to the ‘smell’ and/or high rate of cancellations.
Thanks for input. It was quite helpful and I don’t think that the signer truly understand the entire ramifications of this type of signing, should they forget or opt out to allow this company first dibs to sell their homes. Ros
I accepted an assignment for this company. They do not allow you to confirm with the client. Your only contact is the company rep. My experience was horrible. I service rural panhandle of Florida and was sent to an address that was inaccessible, damaged the cv axle to my car because of the address given sent me down a dirt road full of potholes and gates. No one would answer the phone or my emails asking for assistance. I refused another assignment because they wouldn’t let me confirm directly with the homeowner. I’ll not be taking these assignments.
My experience with MVR is iffy as well. Back in the early 2022 when I started getting these jobs I would drive long distances just to find that the signers are either not home or have changed their minds. I had a few successful ones, the last one was a mile from my house. When I see these jobs now, I delete the text. They will pay you a trip fee for the unsuccessful ones.
@rostysonFYI: There’s an actual plethora of available threads on this topic within the existing Notary Cafe database.
I’ve performed a cursory Search via the GOLDMINE found within the Notary Cafe Database for other enlightening threads on this business entity. When you research these threads (see the direct url links below), you may glean some germane & helpful data.
You can locate the ever-elusive/nearly invisible Magnifying Glass to perform a Search of the database in the image below:
Old timers know where to look. But that magnifying glass would be a more effective search tool (more easily found by new members who really need it) if the colors contrasted more. Medium brown on darker brown is not terribly helpful. Maybe @NC_Mike can suggest it to the Powers That Be.
That’s a wonderful, insightful, & thoughtful SUGGESTION!
FYI: I’ve posted publicly on the Notary Cafe forum (multiple times across many years) that the request to Mike/NC to submit a minor edit to the font color of the Magnifying Glass be given to the IT team in order to be of assistance to those who are NEW to the Notary Cafe forum. I’ve created many websites over the years and this is a very EASY, quick fix to implement.
I’ve recurrently checked back with Mike once or twice a year (again, for numerous years) asking for the current status of that polite, repeated request . . .
I kind of accidentally accepted one of these on Snapdocs as my secind ever signing. I wasnt sure what a HBA was at the time. It was a sunday and they paid exceptionally well. It wasnt u til after the signing i realized what i had just done. No thanks. I will no longer partake in those shenanigans.
I accepted a signing from this company I couldn’t reach the signer Then the signing was cancelled only hours before the scheduled time
I accepted a second one - same experience.
I won’t accept anymore offers from them
I had one today, the agent called me told me to call her when I get there so she can listen in on the signing incase they ask questions, I asked is this going to be standard from now on she said yes, I said remove me from this signing and I called the signing services to say do not send MV Realty to me any more, didn’t like to do these any way
Yes. I did one. One. I am also a 38 year real estate agent. My job, of course was to just notorize the signatures. I cant give any legal advice but i did advise the homowner it might be wise to talk to an attorney before signing. She signed anyway as she wanted the funds. She was from the US and seemed well educated. Her husband spoke no english. Made me wonder about the target demographic. She knew it was a 40 year commitment. The one thing i noticed is that the contract was represented as being originqted by a local resl estate company. The form gave no indication it was written by an attorney or approved by the real estste commission, which is law in Colorado, or a disclosure on the form informing the signer the form is not aporoved and to seek legal counsel. This law apllies to real estate agents. I struggled with this, but went ahead. The local agent called me to make sure i was mailing it to him. I never said i was also an agent. I came very close to reporting it to the real estste commission, but chickened out, as my role in this was as a notary only. Today i read a news release that people are not aware that this “contract” placed a rather large lein on their homes for future (40 years) commission the real estate company would have earned. Ot eas about 6% of future value. This is causing problems with sales using another agent as well as any refis. I hope there is a huge lawsuit in our state and the agent loses his license. My advice, stay away.
As a new NSA I received 2 assignments from MV Realty. Not surprisingly, neither actually signed. One had an incorrect legal property description and the signer on the other noticed the 40 year term and the penalty to cancel (a percentage of the value of the home at signing) and refused to sign. He apologized for bringing me out only to refuse to sign. I told him not to worry as I received a travel and print fee for the cancellation. It appears there is some glossing over as to the terms and conditions when discussing with potential clients. It’s fine if the signer intends to sell in the near future, as my first assignment did, but it becomes an issue when someone has only recently purchased and they enter into this type of agreement without a clear understanding. BUT, as a notary it is not my job to pass judgement on the contents of a document I am notarizing. However, I no longer accept these assignments because of their high rate of cancellation/refusal and the typically longer travel time in my area.
MD - I stopped accepting these because they cancelled 90% of the time and there was NEVER a signer to confirm the appt. You must speak with the agent who is sometimes non-responsive! Plus - it really does seem like a scam to me and I got tired of looking people in the eye without asking them “are you sure you want to do this?”
Today, I finally unsubscribed to receive text messages from All Stary Notary (with full respect) which appears to have replaced Superior Signing Services for MV Realty’s HBA contract agreement signing that place immediate lien on signor’s property upon accepting a certain amount usually from $700 to $900 more or less offered by said Realty in lieu of signing a 40-year contract to be the sole listing agent for the homeowner in case they decide to sell; at least, this is what my understanding is of the nature of this signing which runs against my moral and professional principles.
Again, with no disrespect to the signing company, therefore, as of now, I will be not awoken in the middle of nights or very early in mornings or on weekends to receive text message assignments that I will never accept and for any fee!
When some long time ago, out of curiosity I accepted a signing for MV Realty, with no contact number for the signor and was advised to contact the Real Estate Agent for confirmation, I knew that this was not for me, and I requested to be removed from the signing. I was not interested in any other facts regarding this signing which have been discussed in this forum at various posts before; for me, no contact number is a red line!
Which reminds me of a fable that goes like this: The King asked his general, why did you lose the war? The general replied, your Majesty there were 100 reasons! The King said, state one, the general replied: I ran out of ammunition, and the King said: spare me the rest!
Have a good weekend and hang in there, things will change soon! Best.