DATE: June 1, 2022
TO: AGENTS OF TEXAN TITLE INSURANCE COMPANY
FROM: TEXAN TITLE INSURANCE COMPANY UNDERWRITING COUNSEL
RE: MV Realty, LLC
Please be alert for filings by a company known as MV Realty of Texas LLC. The document in question may be titled “Memorandum of MVR Homeowner Benefit Agreement.” A copy of a sample document is attached.
The Agreement binds the property owner to use an MV Realty related company as the seller’s listing agent in the event the property is put up for sale. “Property Owner has agreed to grant Listing Broker the exclusive right to act as listing agent for any sale of the Property Owner’s property should the Property Owner decide to sell such property during the term of this Agreement.” If not terminated sooner, the Agreement is binding for 40 years or until the property is sold.
The Agreement purports to create a lien and it runs with the land. The property owner may terminate the Agreement by paying a termination fee. If the Agreement is not terminated or otherwise released, it must be shown as a Schedule B exception.
Please notify Underwriting if your search turns up such an Agreement.