RALEIGH – Today, Attorney General Jeff Jackson announced that North Carolinians who were tricked into entering predatory long-term housing services agreements with real estate company Stone Brook Partners have been released from their contracts. Antony Mitchell, Stone Brook’s chief executive who also runs MV Realty, has also been permanently barred from operating any other real estate companies in North Carolina.
“This company preyed on North Carolina homeowners, trapping them into deceptive decades-long housing services agreements with no way out,” said Attorney General Jeff Jackson. “Now, these bad contracts don’t carry any weight, and these homeowners can breathe easier. NCDOJ will hold accountable any bad actors who try to scam people in our state.”
Attorney General Jackson was previously investigating Stone Brook Partners for predatory real estate practices, allegedly offering consumers cash in exchange for giving the company the rights to make the first offer to buy the home if the homeowners decide to sell (Right of First Offer or “ROFO” Agreements). These agreements also reportedly contained hidden 30-year commitments and other exploitative terms.
NCDOJ also sued MV Realty, also run by Mr. Mitchell, in 2023 for targeting vulnerable homeowners and offering them an up-front cash payment in exchange for committing to use the company’s services. MV Realty allegedly failed to disclose that the agreements they offered to homeowners committed them to exclusively using MV Realty for decades, placing encumbrances on their property to enforce the deals.
You can read Antony Mitchell’s affidavit here.
###