§ 777 Definitions
§ 777-A Housing Merchant Implied Warranty
§ 777-B Exclusion or Modification of Warranties

Terms Used In New York Laws > General Business > Article 36-B - Warranties On Sales of New Homes

  • Builder: means any person, corporation, partnership or other entity contracting with an owner for the construction or sale of a new home. See N.Y. General Business Law 777
  • Building code: means the uniform fire prevention and building code promulgated under § 377 of the executive law, local building code standards approved by the uniform fire prevention and building code council under § 379 of the executive law, and the building code of the city of New York, as defined in title twenty-seven of the administrative code of the city of New York. See N.Y. General Business Law 777
  • home: means any single family house or for-sale unit in a multi-unit residential structure of five stories or less in which title to the individual units is transferred to owners under a condominium or cooperative regime. See N.Y. General Business Law 777
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Owner: means the first person to whom the home is sold and, during the unexpired portion of the warranty period, each successor in title to the home and any mortgagee in possession. See N.Y. General Business Law 777
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Warranty date: means the date of the passing of title to the first owner for occupancy by such owner or such owner's family as a residence, or the date of first occupancy of the home as a residence, whichever first occurs. See N.Y. General Business Law 777