single-family residence purchases; limitations.

SB 1209 requires corporations and limited liability companies (LLCs) to register with Arizona’s Corporation Commission before purchasing single-family homes, and mandates that county recorders cannot record deeds without proof of registration matching the deed’s owner name. It limits corporate ownership to no more than 5% of a county’s single-family homes (or 100 units annually in counties with 400,000+ residents) and requires deeds to state the property is not a primary residence. Exceptions apply to entities owning fewer than ten homes statewide and internal transfers within a corporation or LLC. The bill aims to regulate corporate real estate activity while exempting smaller-scale owners from the restrictions.