{"data":{"id":"us-ny/n.y.-general-business-law-778","jurisdiction":"us-ny","citation":"N.Y. General Business Law § 778","heading":"Definitions","body":"§ 778. Definitions. When used in this article, the following terms,\nunless the context requires otherwise, shall have the following\nmeanings:\n  1. \"Bank\" means a bank, trust company, savings bank, or state or\nfederal savings and loan association which is located within this state.\n  2. \"Contract\" means a written agreement between a seller and buyer for\nthe sale and purchase of a home.\n  3. \"Down payment\" means a contract deposit or similar advance toward\nthe purchase price of a home that a buyer gives to an escrow agent\npursuant to the provisions of a contract.\n  4. \"Escrow agent\" means a person, other than a seller, who holds a\nbuyer's down payment deposit pursuant to the provisions of a contract.\n  5. \"Home\" means an existing, previously occupied one or two-family\ndwelling intended to be used primarily as a residence, or a residential\nunit in a multi-unit structure in which title or shares of stock are\ntransferred to buyers under a condominium or cooperative regime. It does\nnot mean a mobile home as defined in section seven hundred twenty-one of\nthis chapter.","path":["General Business Law","Article 36-C. Down Payments In the Purchase and Sale of Residential Real Estate"],"source_url":"https://legislation.nysenate.gov/api/3/laws/GBS/778","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"6518f66796783b68ef32fa9b0926b25fa15aa640c8411385035f038d54b87292","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-general-business-law-777-b","next":"us-ny/n.y.-general-business-law-778-a"},"notice":"GroundRules: Original legal text. Not legal advice."}