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.
An Act Prohibiting Certain Corporate Ownership Of Residential Property And Giving Certain Individuals And Entities Right Of First Refusal To Purchase Such Property.
Establishes the end predatory home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Establishes the end predatory home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Establishing a property tax valuation appeal process to the board of county commissioners for certain residential and commercial real property and providing for the purchase of the property by the county under certain conditions.