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SB242 • 2025

Revises provisions relating to the sale of residential property. (BDR 10-328)

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. Close title 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.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
View 1 Primary Sponsors Close Primary Sponsors Senator Edgar Flores
Last action
Official status
(Pursuant to Joint Standing Rule No. 14.3.1, no further action allowed.) (See full list below)
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Revises provisions relating to the sale of residential property. (BDR 10-328)

Revises provisions relating to the sale of residential property.

What This Bill Does

  • Revises provisions relating to the sale of residential property.
  • (BDR 10-328)

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2025-02-26 Nevada Electronic Legislative Information System

    (Pursuant to Joint Standing Rule No. 14.3.1, no further action allowed.) (See full list below)

Official Summary Text

Revises provisions relating to the sale of residential property. (BDR 10-328)

Current Bill Text

Read the full stored bill text 
S.B. 242

- *SB242*

SENATE BILL NO. 242–SENATOR FLORES

FEBRUARY 26, 2025
____________

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.

~

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 vario us 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

– 2 –

- *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 ente red 6
into on or after October 1, 2025. 7

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