§ 778 — Definitions

§ 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.\n