§ 779 Applicability
§ 780 Definitions
§ 781 Security to be furnished by vendor
§ 782 Alternative to posting bond
§ 783 Disposition of security
§ 784 Penalties and liabilities
§ 785 Waiver prohibited

Terms Used In New York Laws > General Business > Article 37 - Deposits On Construction of New Homes

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Demand: means communication of an actual notice to the vendor of requests made therein. See N.Y. General Business Law 780
  • Deposit: means any moneys given as down payment by the vendee to the vendor as required by the vendor prior to the commencement of the work to be performed pursuant to an agreement between the vendor and vendee wherein vendor undertook to build or construct a home for the vendee. See N.Y. General Business Law 780
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Home: means a new one or two family dwelling intended to be used primarily as a residence. See N.Y. General Business Law 780
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipality: means any town, village or city. See N.Y. General Business Law 780
  • 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.
  • 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.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Vendee: means any individual or individuals who have contracted with a vendor for construction of a home on land not owned at the time of such agreement by such individual or individuals. See N.Y. General Business Law 780
  • Vendor: means any person, firm, corporation, or association engaged in the business of erecting or constructing homes. See N.Y. General Business Law 780
  • Venue: The geographical location in which a case is tried.