§ 778 Definitions
§ 778-A Contracts requiring down payments in escrow
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Terms Used In New York Laws > General Business > Article 36-C - Down Payments in the Purchase and Sale of Residential Real Estate

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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: A legal written agreement that becomes binding when signed.
  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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.
  • 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.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.