(1) In connection with the issuance of a policy of title insurance, but subject to the terms of this statute, a licensed title insurance entity may prepare deeds for the conveyance of real property in accordance with the forms described in section 38-30-113 (1).
(2) A deed prepared by a licensed title insurance entity containing a covenant of warranty as provided in section 38-30-113 (1)(a) or (1)(b) must:
Include a limitation on the warranty of title pursuant to section 38-30-113 (4)(a); and
Use the words "subject to statutory exceptions" and no other terms or descriptions,unless the preparing licensed title insurance entity is otherwise instructed in writing by both: (I) The grantor or an authorized agent for the grantor; and (II) The grantee or an authorized agent for the grantee.
When preparing a deed pursuant to this section in which the phrase "subject to statutory exceptions" is used, a licensed title insurance entity shall not disclaim, limit, or seek indemnification against liability for any negligence by the licensed title insurance entity.
As used in this section, "licensed title insurance entity" means a title insurance entity,as defined in section 10-11-102 (11).
Source: L. 2019: Entire section added, (HB 19-1098), ch. 18, p. 67, § 2, effective March 7.