single-family residence purchases; limitations

HB 2705 restricts corporations and limited liability companies (LLCs) from purchasing single-family homes in Arizona without meeting new transparency requirements. It requires these entities to register with the Corporation Commission, include specific language on deeds stating the home is not a primary residence, and submit registration documents to county recorders for deed recording. County recorders must report monthly to the Corporation Commission on all such purchases, with an exception for entities owning fewer than 10 homes statewide. The law also imposes a 5% ownership limit per neighborhood area for corporate buyers, aiming to limit large-scale corporate ownership of residential properties.