YOUNGSTOWN — A real-estate management company accused of fraud and predatory sales practices in Youngstown settled a lawsuit for $260,300 with Community Legal Aid, a nonprofit legal entity that represented nine city residents in the case.

Vision Property Management, based in Columbia, S.C., settled the lawsuit without admitting guilt.

The nine residents will receive between $5,000 and $50,000 each.

Community Legal Aid filed the lawsuit in October 2018 contending Vision Property Management, its subsidiaries and its leadership engaged in illegal land contract deals that were intentionally misleading and predatory with the nine clients.

Under land contracts, prospective owners pay rent to a seller for a predetermined number of years before having the option to purchase the property. The contracts can push the burden of maintaining, repairing and dealing with financial issues attached to the property onto the renters while offering them no protections that would be available to traditional renters or mortgage-holders.

Vision is one of the nation’s largest operators of rent-to-own homes.

Also, the city separately settled its part of the lawsuit.

Vision Property agreed to pay $65,000 to the city — $25,000 on Jan. 15 and on April 15, and $15,000 on June 1.

Meanwhile, FTE Networks Inc. of New York City on Dec. 20 purchased Vision Property for $350 million. Vision’s management team will continue as senior executives of the company.

Vision Property and its affiliated assets included more than 3,000 residential properties in 46 states.

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