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This entry was published on 2014-09-22
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SECTION 778
Definitions
General Business (GBS) CHAPTER 20, ARTICLE 36-C
§ 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.