N.Y. General Business Law Section 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 § 721 (Definitions)section seven hundred twenty-one of this chapter.

Source: Section 778 — Definitions, https://www.­nysenate.­gov/legislation/laws/GBS/778 (updated Sep. 22, 2014; accessed May 4, 2024).

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Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 778’s source at nysenate​.gov

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