S.B. 242
- *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 1
property in this State. (Chapters 111 and 113 of NRS) Section 1 of this bill 2
prohibits certain investment companies from entering into an executory contract for 3
the purchase of residential property that is listed for sale unless the property has 4
been so listed for at least 30 days. Section 1 also makes a contract entered into in 5
violation of this prohibition voidable by the seller at any time before the contract is 6
fully executed. 7
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 1
thereto a new section to read as follows: 2
1. An investment company shall not enter into an executory 3
contract for the purchase of residential property that is listed for 4
sale unless the property has been so listed for at least 30 days. 5
2. A contract entered into in violation of subsection 1 is 6
voidable by the seller at any time before the contract is fully 7
executed. 8
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- *SB242*
3. For the purposes of this section, “investment company” 1
means a corporation, trust, limited-liability company, partnership, 2
association, fund or similar entity which is engaged in or proposes 3
to engage in the business of investing the pooled capital of 4
investors. 5
Sec. 2. The provisions of this act apply to contracts entered 6
into on or after October 1, 2025. 7
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