For Immediate Release
ALTA Applauds New Jersey AG on Consumer Exploitation Lawsuit
Washington, DC, June 29, 2023 — The American Land Title Association (ALTA) applauds New Jersey Attorney General Matthew J. Platkin for his efforts to combat unfair and deceptive practices in the New Jersey real estate market by filing a complaint against Florida-based real estate brokerage MV Realty.
ALTA advocates for state laws and regulations preventing the enforcement of Non-Title Recorded Agreements for Personal Services (NTRAPS). ALTA has worked with national stakeholders to design model legislation to make these types of unfair agreements unenforceable, prevent the recording of the agreements in land records and provide consumers with options for seeking damages.
“The property rights of American homebuyers must be protected,” said ALTA Vice President of Government Affairs Elizabeth Blosser. “A home often is a consumer’s largest investment, and the best way to support the certainty of landownership is through public policy. We have to ensure that there are no unreasonable restraints on a homebuyer’s future ability to sell or refinance their property due to unwarranted transactional costs.”
Attorney General Platkin is the sixth attorney general to sue MV Realty over its “Homeowner Benefit Program.” Five other attorneys general filed lawsuits, including Florida Attorney General Ashley Moody, Massachusetts Attorney General Maura Healey, Ohio Attorney General Dave Yost, Pennsylvania Attorney General Josh Shapiro and North Carolina Attorney General Josh Stein.
Earlier this year, Utah became the first state to pass legislation protecting homeowners from the predatory practice of filing unfair real estate fee agreements in property records, with Alabama, Colorado, Florida, Georgia, Idaho, Illinois, Iowa, Maryland, Maine, Nevada, North Dakota, Tennessee and Washington quickly following.
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About ALTA
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,500 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys. ALTA members conduct title searches, examinations, closings and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.
Contact: Megan Hernandez
Office: 202-261-0315
Email: mhernandez@alta.org