§ 461 — Definitions

§ 461. Definitions. As used in this article, the following terms shall\nhave the following meanings:\n 1. "Agent" means a person who is licensed as a real estate broker or a\nreal estate salesperson pursuant to section four hundred forty-a of this\nchapter and is acting in a fiduciary capacity.\n 2. "Binding contract of sale" means a real estate purchase contract or\noffer that would, upon signing by the seller and subject to satisfaction\nof any contingencies, require the buyer to accept a transfer of title.\n 3. "Knowledge" means only actual knowledge of a defect or condition on\nthe part of the seller of residential real property.\n 4. "Real estate purchase contract" means any of the following:\n (a) a contract which provides for the purchase and sale or exchange of\nresidential real property;\n (b) a lease with an option to purchase residential real property;\n (c) a lease-with-obligation-to-purchase agreement for residential real\nproperty; or\n (d) an installment land sale contract for residential real property.\n 5. "Residential real property" means real property improved by a one\nto four family dwelling used or occupied, or intended to be used or\noccupied, wholly or partly, as the home or residence of one or more\npersons, but shall not refer to (a) unimproved real property upon which\nsuch dwellings are to be constructed, or (b) condominium units or\ncooperative apartments, or (c) property in a homeowners' association\nthat is not owned in fee simple by the seller.\n 6. "Transfer of title" means delivery of a properly executed\ninstrument conveying title to residential real property and shall\ninclude delivery of a real estate purchase contract that is a lease or\ninstallment land sale contract.\n