New York General Business Law Section 778 - Definitions.

778. Definitions. When used in this article, the following terms, unless the context requires otherwise, shall have the following meanings:

1. "Bank" means a bank, trust company, savings bank, or state or federal savings and loan association which is located within this state.

2. "Contract" means a written agreement between a seller and buyer for the sale and purchase of a home.

3. "Down payment" means a contract deposit or similar advance toward the purchase price of a home that a buyer gives to an escrow agent pursuant to the provisions of a contract.

4. "Escrow agent" means a person, other than a seller, who holds a buyer's down payment deposit pursuant to the provisions of a contract.

5. "Home" means an existing, previously occupied one or two-family dwelling intended to be used primarily as a residence, or a residential unit in a multi-unit structure in which title or shares of stock are transferred to buyers under a condominium or cooperative regime. It does not mean a mobile home as defined in section seven hundred twenty-one of this chapter.

Last modified: February 3, 2019