N.Y. General Business Law § 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.