SB10: Revises provisions relating to real property. (BDR 10-38)

The bill

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.