ATLANTA — Some Georgia homeowners who fell victim to a real estate contract scheme are now eligible for restitution.

The Georgia Attorney General’s Consumer Protection Division said homeowners who paid MV Realty’s early termination fee can receive a share of a $1 million restitution fund.

Shawn Conroy, communications and outreach coordinator with the Georgia Attorney General’s Consumer Protection Division, said the company’s marketing targeted homeowners, including older adults, without fully explaining the terms of the agreements.

“The marketing was targeting in many cases older adults with terms of the agreements were not fully disclosed to the signers. That’s where the deception was involved,” Conroy said.

More than 3,300 Georgia homeowners signed contracts with MV Realty through its “Homeowner Benefit Program,” including about 1,000 people ages 60 and older, according to the Attorney General’s Office.

Officials said MV Realty promoted the program as a way for homeowners to receive cash payments. However, homeowners were placed into 40-year agreements that required them to pay at least 3% of their home’s value if the property was sold, transferred or went into foreclosure without using MV Realty.

More than 400 Georgians paid MV Realty’s early termination fee, and those consumers will benefit from the restitution fund, according to officials.

“MV Realty took advantage of Georgia homeowners who were already struggling, scamming them out of their equity and putting their life savings at risk,” Attorney General Chris Carr said. “It’s unconscionable, and it’s why we took action to put a stop to their predatory scheme once and for all. With this outcome, we’re returning those funds to the hundreds of Georgians who were impacted, and we’re sending a strong message that this type of illegal behavior won’t be tolerated in this state.”

As part of a court order, MV Realty is now prohibited from doing business in Georgia and collecting additional money from Georgia consumers, officials said. The company has paid $1 million for consumer restitution, bringing the total savings for Georgia homeowners to $25.6 million.

“The consumers that are going to benefit from this are going to be contacted by our office. In an era where imposter scams pop up all the time, we want consumers to know that we will be contacting them,” Conroy said.

Officials said consumers who qualify for restitution have already been identified and will be contacted by the Consumer Protection Division.

WSB Radio’s Miles Montgomery contributed to this story.