Terms Used In New York Laws > General Business > Article 36-C - Down Payments In the Purchase and Sale of Residential Real Estate

• Bank: means a bank, trust company, savings bank, or state or federal savings and loan association which is located within this state. See N.Y. General Business Law 778
• Contract: means a written agreement between a seller and buyer for the sale and purchase of a home. See N.Y. General Business Law 778
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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. See N.Y. General Business Law 778
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow agent: means a person, other than a seller, who holds a buyer's down payment deposit pursuant to the provisions of a contract. See N.Y. General Business Law 778
• Fiduciary: A trustee, executor, or administrator.
• 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. See N.Y. General Business Law 778
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.