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S.B. 242
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*SB242*
SENATE BILL NO. 242–SENATOR FLORES
FEBRUARY 26, 2025
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Referred to Committee on Judiciary
SUMMARY—Revises provisions relating to the sale of residential
property. (BDR 10-328)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State: No.
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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
AN ACT relating to property; prohibiting certain investment
companies from entering into an executory contract for
the purchase of certain residential property under certain
circumstances; and providing other matters properly
relating thereto.
Legislative Counsel’s Digest:
Existing law establishes various requirements relating to the sale of residential
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property in this State. (Chapters 111 and 113 of NRS) Section 1 of this bill
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prohibits certain investment companies from entering into an executory contract for
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the purchase of residential property that is listed for sale unless the property has
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been so listed for at least 30 days. Section 1 also makes a contract entered into in
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violation of this prohibition voidable by the seller at any time before the contract is
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fully executed.
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THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. Chapter 111 of NRS is hereby amended by adding
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thereto a new section to read as follows:
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1. An investment company shall not enter into an executory
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contract for the purchase of residential property that is listed for
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sale unless the property has been so listed for at least 30 days.
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2. A contract entered into in violation of subsection 1 is
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voidable by the seller at any time before the contract is fully
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executed.
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*SB242*
3. For the purposes of this section, “investment company”
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means a corporation, trust, limited-liability company, partnership,
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association, fund or similar entity which is engaged in or proposes
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to engage in the business of investing the pooled capital of
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investors.
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Sec. 2. The provisions of this act apply to contracts entered
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into on or after October 1, 2025.
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