Titles and interests - deeds for the conveyance of real property - standard forms - terms of warranty and exceptions. The act states that a licensed title insurance entity may prepare deeds for the conveyance of real property in accordance with statutory forms. Any deed prepared by a title insurance entity containing a covenant of warranty must:
- Include a limitation on the warranty of title; and
- Use the phrase "subject to statutory exceptions" and no other terms or descriptions, unless the preparing title insurance entity is otherwise instructed in writing by both the grantor and the grantee.
The act provides new forms of deeds for the conveyance of real property under certain circumstances.
(Note: This summary applies to this bill as enacted.)