New York § 778 Definitions

New York Statutes

§ 778 — Definitions

New York § 778

Law GBSGeneral Business

Art. 36-CDown Payments In the Purchase and Sale of Residential Real Estate

This text of New York § 778 (Definitions) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. General Business § 778 (2026).

Text

  § 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

Free access — add to your briefcase to read the full text and ask questions with AI

§ 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