1. (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:

   1. (a) Is signed by the contractor and the original owner of the new structure;
   2. (b) Sets forth any express warranties furnished by the contractor; and
   3. (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. (2) The warranties set forth in the recorded warranty agreement:

   1. (a) Benefit and burden subsequent owners of the structure.
   2. (b) Cease to affect title to the property 10 years after the date the instrument is recorded.

Note: See note under 701.560.

[2005 c.169 §2; 2007 c.648 §29]