single-family residence purchases; limitations

HB 2848 requires corporations, limited liability companies (LLCs), or their affiliates purchasing single-family homes in Arizona to register with the Corporation Commission before buying. County recorders cannot record deeds unless the buyer provides proof of registration and the deed states the property is not the owner’s primary residence. The bill limits corporate buyers to owning no more than 5% of a county’s single-family homes (or 100 units annually in counties with over 400,000 residents), with exceptions for entities owning fewer than ten homes statewide. These rules apply to commercial investors buying homes, aiming to limit large-scale corporate ownership in residential neighborhoods.