Governor Polis signs the “Deeds to Convey Real Property” Bill – HB19-1098 – into Law
CAR is thrilled to announce that HB19-1098, Deeds to Convey Real Property, was signed by Governor Polis on March 6th. CAR Chair Justin Knoll, LPC Member and REALTOR® John Lucero, CAR CEO Tyrone Adams, CAR General Counsel Scott Petersen, and CAR’s VP of Government Affairs Elizabeth Peetz joined Governor Polis for the signing of this bill. CAR worked with multiple industry stakeholders to develop and champion this legislation. HB19-1098 is a common sense public policy solution that fixes a longstanding problem concerning the authority to draft deeds conveying real property in a real estate transaction.
Under previous law, only a licensed real estate broker is authorized to prepare a deed; however, the broker could delegate this limited authority to prepare the form to a title company which then completed the deed under the direction and review of the broker. This legislation will reduce confusion and lessen disputes by authorizing a title company to prepare a deed using the statutory deed. CAR will prepare information to share with members about the changes in statutory deed forms and the contract to buy and sell property in a later publication.
Common-sense solutions in this legislation will:
- Reduce confusion and lessen disputes arising from the current contract form to transfer real property;
- Ensure a clear public record of the real estate transaction
What the Bill Does:
- Authorizes a title company to prepare a deed using one of the forms of statutory deed established by this legislation;
- Fairly and reasonably balances the risks between the seller, buyer, and title company