(1) To facilitate the handling of warranty work or remediation of defects to a new commercial or residential structure or a zero-lot-line dwelling, a contractor who builds the structure may present for recording in the deed records of the county in which the new structure is built a written warranty agreement that:
(a) Is signed by the contractor and the original owner of the new structure;
(b) Sets forth any express warranties furnished by the contractor; and
(c) Contains the names of the contractor and the original property owner, the title of the document, a legal description of the property and acknowledgment of the signatures of the parties in the same manner as the parties to a deed are acknowledged.
(2) The warranties set forth in the recorded warranty agreement:
(a) Benefit and burden subsequent owners of the structure.
(b) Cease to affect title to the property 10 years after the date the instrument is recorded. [2005 c.169 §2; 2007 c.648 §29]
Note: See note under 701.560.