B. For a contract that provides for a purchase price obligation of one million dollars or less exclusive of interest, if a seller does not deliver a payoff deed pursuant to subsection A within sixty days of payment in full of all monies due under the contract, a title insurer as defined in section 20-1562 may prepare, execute and record a payoff deed. At least thirty days before issuing and recording a payoff deed pursuant to this subsection, the title insurer shall mail notice of its intention to record the payoff deed and a copy of the payoff deed by certified mail with postage prepaid and return receipt requested to all of the following:

1. 1. The seller of record and the seller's respective successors in interest of record at their last known addresses shown of record.
2. 2. The account servicing agent if known.
3. 3. Any person who received payment in full of the monies due under the contract according to the records of the title insurer at the address shown in the title insurer's records.

C. The payoff deed prescribed by subsection B of this section shall set forth all of the following:

1. 1. The name of the original seller and the seller's successors in interest of record.
2. 2. The name of the original account servicing agent and the successors in interest of the account servicing agent if of record or if known to the title insurer.
3. 3. The name of the original purchaser and any successors in interest of record of that purchaser.
4. 4. The date of recording and docket and page number or recording number of the contract.
5. 5. The date and amount of payment.
6. 6. A statement that the title insurer has actual knowledge that the monies due under the contract have been paid in full.