SB 10

REQUIRES TWO-THIRDS MAJORITY VOTE (§ 2)
       (Reprinted with amendments adopted on November 19, 2025)
                           FIRST REPRINT  S.B. 10
                  SENATE BILL NO. 10–SENATOR CANNIZZARO
                                        NOVEMBER 18, 2025
                                          ____________
            Referred to Select Committee on Jobs and Economy
SUMMARY—Revises provisions  relating  to      real       property.
        (BDR 10-38)
FISCAL NOTE: Effect on Local Government: May have Fiscal Impact.
             Effect on the State: Yes.
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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 real property; limiting, with certain exceptions,
       the total aggregate number of units of residential real
       property in this State that may be purchased in any 1
       calendar year by certain corporate investors; requiring,
       with certain exceptions, certain corporate investors in
       residential real property in this State to register with the
       Securities Division of the Office of the Secretary of State
       before purchasing a unit of residential real property;
       requiring the Securities Division to create and maintain a
       database that tracks the aggregate number of units of
       residential real property purchased by certain corporate
       investors; requiring certain corporate investors to report to
       the Secretary of State certain information concerning each
       purchase of a unit of residential real property; providing
       that certain purchases of residential real property are void;
       authorizing the Attorney General to bring certain actions;
       requiring the Secretary of State to establish requirements
       for the form and contents of an instrument that creates a
       life estate; prohibiting a county recorder from recording
       certain deeds and documents under certain circumstances;
       and providing other matters properly relating thereto.
Legislative Counsel’s Digest:
1     Section 1.5 of this bill declares that: (1) the State has certain compelling
2 interests related to attainable housing, stabilizing neighborhoods and supporting
3 certain housing programs; (2) ensuring a fair and competitive housing market is
4 necessary to support certain public interests; (3) preserving the stability and
5 character of the State’s communities is essential; and (4) reducing speculative
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6 investment in residential real estate by certain buyers is necessary to further certain
7 public interests.
8      Section 2 of this bill provides, with certain exceptions, that: (1) the total
9 aggregate number of units of residential real property in this State that may be
10 purchased in any 1 calendar year by corporations, foreign corporations,
11 multinational corporations, pooled investment vehicles, limited-liability companies
12 and any affiliates of such entities must not exceed 1,000 units; and (2) a
13 corporation, foreign corporation, multinational corporation, pooled investment
14 vehicle, limited-liability company or affiliate of such an entity is prohibited from
15 purchasing any unit of residential real property in this State if, as a result of the
16 purchase, the total aggregate number of units of residential real property purchased
17 in this State during the current calendar year by any corporations, foreign
18 corporations, multinational corporations, pooled investment vehicles, limited-
19 liability companies and affiliates of such entities would exceed 1,000 units.
20      Section 2 also requires the Securities Division of the Office of the Secretary of
21 State to create and maintain: (1) a registry of corporations, foreign corporations,
22 multinational corporations, pooled investment vehicles, limited-liability companies
23 and any affiliates of such entities that purchase or own residential real property in
24 this State and; (2) a database that tracks the aggregate number of units of residential
25 real property purchased annually by corporations, foreign corporations,
26 multinational corporations, pooled investment vehicles, limited-liability companies
27 and any affiliates of such entities. Section 2 requires, with certain exceptions, a
28 corporation, foreign corporation, multinational corporation, pooled investment
29 vehicle, limited-liability company or any affiliate of such an entity to register with
30 the Securities Division before the entity purchases any unit of residential real
31 property in this State. Section 2 exempts from that requirement a corporation,
32 foreign corporation, multinational corporation, pooled investment vehicle, limited-
33 liability company or affiliate of such an entity that owns fewer than 15 units of
34 residential real property in this State. Section 2 further requires each corporation,
35 foreign corporation, multinational corporation, pooled investment vehicle, limited-
36 liability company or affiliate of such an entity to report to the Secretary of State
37 certain information related to each purchase of a unit of residential real property in
38 this State within 10 business days after the completion of such a purchase. Section
39 2: (1) requires the Secretary of State to immediately update the database that tracks
40 the aggregate number of units of residential real property purchased annually and
41 reduce the available annual allotment; (2) requires the Secretary of State to provide
42 certain periodic reports to each county recorder or his or her designee related to
43 such purchases to ensure compliance with certain provisions related to deeds; (3)
44 authorizes the Secretary of State to establish certain reasonable fees; and (4)
45 requires the Secretary of State to adopt regulations necessary to carry out the
46 provisions of section 2. For the purposes of section 2, the term “corporation” does
47 not include a family trust company or a housing authority.
48      Section 2.5 of this bill provides that: (1) any purchase of a unit of residential
49 real property that violates section 2 is void; and (2) if a deed for a transaction that
50 violates section 2 is recorded, the deed is subject to nullification. Section 2.5
51 authorizes: (1) the Secretary of State to investigate any potential violations of
52 section 2 and disclose certain information to the Attorney General; and (2) the
53 Attorney General to initiate legal proceedings to enforce the provisions of section
54 2.5. Section 3 of this bill authorizes the Attorney General, upon the request of the
55 Secretary of State, to bring an action against an entity that violates or proposes to
56 violate the provisions of section 2 to obtain an injunction or other equitable relief
57 appropriate to ensure compliance with or enforce the provisions of section 2.
58      Existing law sets forth the requirements for recording certain documents that
59 relate to real property. (NRS 111.312) Section 5 of this bill prohibits a county
60 recorder from filing a deed for a unit of residential real property purchased by a
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61 corporation, foreign corporation, multinational corporation, pooled investment
62 vehicle, limited-liability company or affiliate of such an entity unless the entity
63 submits to the county recorder for recording, concurrently with the deed to be
64 recorded, a copy of the certificate of registration for that purchase issued by the
65 Secretary of State pursuant to section 2. Section 5 requires a county recorder to
66 provide to the Secretary of State upon request certain information relating to the
67 requirement imposed by section 2.
68      Section 4 of this bill requires the Secretary of State to adopt regulations
69 establishing requirements for the form and contents of any instrument that creates a
70 life estate. Section 5 prohibits a county recorder from recording a document that is
71 such an instrument unless the document complies with those requirements. Section
72 5.5 of this bill provides that the provisions of this act do not apply to the purchase
73 of a unit of residential real property completed on or before July 1, 2026.
    THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
       SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
1     Section 1. Chapter 111 of NRS is hereby amended by adding
2 thereto the provisions set forth as sections 1.5 to 4, inclusive, of this
3 act.
4     Sec. 1.5. The Legislature finds and declares that:
5     1. The State of Nevada has a compelling interest in:
6     (a) Promoting housing attainability for all of its residents;
7     (b) Stabilizing neighborhoods adversely affected by high-
8 vacancy rates, foreclosure, blight or other signs of economic
9 distress; and
10     (c) Supporting state or local housing programs designed to
11 enhance community revitalization efforts;
12     2. Ensuring a fair and competitive housing market is
13 necessary to provide opportunities for individual homeownership
14 and to prevent distortions in the housing market;
15     3. Preserving the stability and character of the State’s
16 communities is essential to the welfare and prosperity of the
17 residents of this State; and
18     4. Reducing speculative investment in residential real estate
19 by large institutional buyers is necessary to further these public
20 interests and to prevent housing shortages and undue increases in
21 housing costs.
22     Sec. 2. 1. Except as otherwise provided in subsection 2:
23     (a) The total aggregate number of units of residential real
24 property in this State that may be purchased in any 1 calendar
25 year by corporations, foreign corporations, multinational
26 corporations, pooled investment vehicles, limited-liability
27 companies and affiliates of such entities must not exceed 1,000
28 units.
29     (b) A corporation, foreign corporation, multinational
30 corporation, pooled investment vehicle, limited-liability company
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1 or an affiliate of such an entity shall not purchase any unit of
2 residential real property in this State if, as a result of the purchase,
3 the total aggregate number of units of residential real property
4 purchased in this State during the current calendar year by
5 corporations, foreign corporations, multinational corporations,
6 pooled investment vehicles, limited-liability companies and
7 affiliates of such entities would exceed 1,000 units.
8     2. The provisions of subsection 1 do not apply to:
9     (a) The intracorporate sale or transfer of units of residential
10 real property;
11     (b) The sale of newly constructed units of residential real
12 property;
13     (c) The sale of a mobile home or manufactured home;
14     (d) The sale of an apartment building;
15     (e) The sale of residential real property by a state or federally
16 chartered credit union, any credit union service organization
17 owned by such a credit union, or any wholly-owned entity of such
18 a credit union provided that the acquisition or holding of the unit
19 of residential real property is consistent with its charter and
20 bylaws; or
21     (f) The sale of an existing unit of residential real property that
22 the Administrator of the Housing Division of the Department of
23 Business and Industry determines to be in the public interest.
24     3. The Securities Division of the Office of the Secretary of
25 State shall create and maintain:
26     (a) A registry of corporations, foreign corporations,
27 multinational corporations, pooled investment vehicles, limited-
28 liability companies and affiliates of such entities that purchase or
29 own residential real property in this State. The Securities Division
30 shall make the registry available on the Internet website of the
31 Office of the Secretary of State.
32     (b) A database that tracks the aggregate number of units of
33 residential real property purchased annually by corporations,
34 foreign corporations, multinational corporations, pooled
35 investment vehicles, limited-liability companies and affiliates of
36 such entities.
37     4. Except as otherwise provided in this subsection, a
38 corporation, foreign corporation, multinational corporation,
39 pooled investment vehicle, limited-liability company or an affiliate
40 of such an entity must register with the Securities Division of the
41 Office of the Secretary of State before the entity purchases any
42 unit of residential real property in this State. The requirement to
43 register does not apply to a corporation, foreign corporation,
44 multinational corporation, pooled investment vehicle, limited-
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1 liability company or an affiliate of such an entity that owns fewer
2 than 15 units of residential real property in this State.
3     5. Each corporation, foreign corporation, multinational
4 corporation, pooled investment vehicle, limited-liability company
5 or affiliate of such an entity shall report to the Secretary of State
6 not later than 10 business days after the completion of each
7 purchase of a unit of residential real property in this State. The
8 report must include, without limitation, the address, date of
9 purchase and the purchase price of the unit of residential real
10 property. Upon receipt of the report, the Secretary of State shall
11 immediately update the database created by subsection 3 and
12 reduce the available annual allotment.
13     6. The Secretary of State shall provide periodic reports to
14 each county recorder or his or her designee, detailing each
15 purchases of a unit of residential real property by a corporation,
16 foreign corporation, multinational corporation, pooled investment
17 vehicle, limited-liability company or an affiliate of such an entity
18 to ensure compliance with the provisions of subsections 7, 8 and 9
19 of NRS 111.312, as applicable.
20     7. The Secretary of State shall issue a certificate of
21 registration to each corporation, foreign corporation,
22 multinational corporation, pooled investment vehicle, limited-
23 liability company or affiliate of such an entity that registers
24 pursuant to this section.
25     8. The Secretary of State may establish reasonable fees
26 necessary for the administration of this section. The Secretary of
27 State shall remit seventy-five percent of any fees collected
28 pursuant to this section to the State General Fund.
29     9. The Secretary of State shall adopt any regulations
30 necessary to carry out the provisions of this section.
31     10. As used in this section:
32     (a) “Affiliate” means any entity that directly or indirectly
33 controls, is controlled by, or is under common control with a
34 corporation, foreign corporation, multinational corporation,
35 pooled investment vehicle, or limited liability company, including
36 any entity sharing common ownership with or acting as a parent
37 or subsidiary of such corporation, foreign corporation,
38 multinational corporation, pooled investment vehicle or limited
39 liability company.
40     (b) “Corporation” does not include:
41(1) A family trust company, as defined in NRS 669.042.
42(2) A housing authority, as defined in NRS 315.021.
43     (c) “Limited-liability company” has the meaning ascribed to it
44 in NRS 86.061.
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1     (d) “Manufactured home” has the meaning ascribed to it in
2 NRS 489.113.
3     (e) “Mobile home” has the meaning ascribed to it in
4 NRS 489.120.
5     Sec. 2.5. 1. Any purchase of a unit of residential real
6 property in violation of subsection 1 of section 2 of this act is void
7 and conveys no legal title to the purchaser.
8     2. If a deed for a transaction made in violation of section 2 of
9 this act is recorded, that deed is subject to nullification through
10 appropriate legal action.
11     3. The Secretary of State may investigate any potential
12 violation of section 2 of this act and disclose any information or
13 evidence concerning a potential violation to the Attorney General.
14     4. The Attorney General may initiate legal proceedings to
15 enforce the provisions of this section including, without limitation,
16 obtaining a court order to nullify the deed.
17     5. The remedy provided in this subsection is in addition to
18 any other remedy at law or in equity.
19     Sec. 3. 1. The Attorney General, upon the request of the
20 Secretary of State, may bring an action in any court of competent
21 jurisdiction against an entity that violates or proposes to violate
22 the provisions of section 2 of this act to obtain an injunction or
23 other equitable relief appropriate to ensure compliance with or
24 enforce the provisions of section 2 of this act.
25     2. The provisions of this section do not abrogate or limit the
26 right of any person to bring any civil action pursuant to any other
27 statute or the common law.
28     Sec. 4. The Secretary of State shall adopt regulations
29 establishing requirements for the form and contents of any
30 instrument that creates a life estate.
31     Sec. 5. NRS 111.312 is hereby amended to read as follows:
32     111.312 1. The county recorder shall not record with respect
33 to real property, a notice of completion, a declaration of homestead,
34 a restrictive covenant modification form, a restrictive covenant
35 modification document, a lien or notice of lien, an affidavit of death,
36 a mortgage or deed of trust, any conveyance of real property or
37 instrument in writing setting forth an agreement to convey real
38 property or a notice pursuant to NRS 111.3655 unless the document
39 being recorded contains:
40     (a) The mailing address of the grantee or, if there is no grantee,
41 the mailing address of the person who is requesting the recording of
42 the document; and
43     (b) Except as otherwise provided in subsection 2, the assessor’s
44 parcel number of the property at the top left corner of the first page
45 of the document, if the county assessor has assigned a parcel
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1 number to the property. The parcel number must comply with the
2 current system for numbering parcels used by the county assessor’s
3 office. The county recorder is not required to verify that the
4 assessor’s parcel number is correct.
5     2. Any document relating exclusively to the transfer of water
6 rights may be recorded without containing the assessor’s parcel
7 number of the property.
8     3. The county recorder shall not record with respect to real
9 property any deed, including, without limitation:
10     (a) A grant, bargain and sale deed;
11     (b) Quitclaim deed;
12     (c) Warranty deed; or
13     (d) Trustee’s deed upon sale,
14  unless the document being recorded contains the name and
15 address of the person to whom a statement of the taxes assessed on
16 the real property is to be mailed.
17     4. The assessor’s parcel number shall not be deemed to be a
18 complete legal description of the real property conveyed.
19     5. Except as otherwise provided in subsection 6, if a document
20 that is being recorded includes a legal description of real property
21 that is provided in metes and bounds, the document must include the
22 name and mailing address of the person who prepared the legal
23 description. The county recorder is not required to verify the
24 accuracy of the name and mailing address of such a person.
25     6. If a document including the same legal description described
26 in subsection 5 previously has been recorded, the document must
27 include all information necessary to identify and locate the previous
28 recording, but the name and mailing address of the person who
29 prepared the legal description is not required for the document to be
30 recorded. The county recorder is not required to verify the accuracy
31 of the information concerning the previous recording.
32     7. Except as otherwise provided in subsection 10, if a
33 corporation, foreign corporation, multinational corporation,
34 pooled investment vehicle, limited-liability company or affiliate of
35 such an entity purchases a unit of residential real property, the
36 county recorder shall not record the deed unless the corporation,
37 foreign corporation, multinational corporation, pooled investment
38 vehicle, limited-liability company or affiliate of such an entity
39 submits to the county recorder for recording, concurrently with
40 the deed to be recorded, a copy of the certificate of registration
41 issued by the Secretary of State pursuant to section 2 of this act for
42 that purchase and the name of the corporation, foreign
43 corporation, multinational corporation, pooled investment vehicle,
44 limited-liability company or affiliate of such an entity on the deed
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1 matches the name on the certificate of registration accompanying
2 the deed.
3     8. If a document is an instrument that creates a life estate, the
4 county recorder shall not record the document unless the
5 document satisfies the requirements established by the Secretary
6 of State pursuant to section 4 of this act.
7     9. The county recorder shall provide to the Secretary of State,
8 upon request, any information collected by the county recorder
9 relating to the provisions of subsection 7 that the Secretary of
10 State deems necessary to determine whether the purchase of a unit
11 of residential real property by a corporation, foreign corporation,
12 multinational corporation, pooled investment vehicle, limited-
13 liability company or affiliate of such an entity complies with the
14 provisions of section 2 of this act and the regulations adopted
15 pursuant thereto.
16     10. The provisions of subsection 7 do not apply to a
17 corporation, foreign corporation, multinational corporation,
18 pooled investment vehicle, limited-liability company or affiliate of
19 such an entity that owns fewer than 15 units of residential real
20 property in this State.
21     11. As used in this section, the terms “corporation” and
22 “limited-liability company” have the meanings ascribed to them in
23 section 2 of this act.
24     Sec. 5.5. This act does not apply to the purchase of a unit of
25 residential real property completed on or before July 1, 2026.
26     Sec. 5.7. Notwithstanding the provisions of NRS 218D.430
27 and 218D.435, a committee may vote on this act before the
28 expiration of the period prescribed for the return of a fiscal note in
29 NRS 218D.475. This section applies retroactively from and after
30 November 13, 2025.
31     Sec. 6. This act becomes effective:
32     1. Upon passage and approval for the purposes of adopting
33 regulations and performing any other preparatory administrative
34 tasks that are necessary to carry out the provisions of this act; and
35     2. On July 1, 2026, for all other purposes.
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