As used in this article, the following terms shall have the following meanings:

Terms Used In N.Y. Real Property Law 461

  • Contract: A legal written agreement that becomes binding when signed.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • Knowledge: means only actual knowledge of a defect or condition on the part of the seller of residential real property. See N.Y. Real Property Law 461
  • 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
  • Real estate purchase contract: means any of the following:

    (a) a contract which provides for the purchase and sale or exchange of residential real property;

    (b) a lease with an option to purchase residential real property;

    (c) a lease-with-obligation-to-purchase agreement for residential real property; or

    (d) an installment land sale contract for residential real property. See N.Y. Real Property Law 461

  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Residential real property: means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed, or (b) condominium units or cooperative apartments, or (c) property in a homeowners' association that is not owned in fee simple by the seller. See N.Y. Real Property Law 461
  • Transfer of title: means delivery of a properly executed instrument conveying title to residential real property and shall include delivery of a real estate purchase contract that is a lease or installment land sale contract. See N.Y. Real Property Law 461

1. “Agent” means a person who is licensed as a real estate broker or a real estate salesperson pursuant to section four hundred forty-a of this chapter and is acting in a fiduciary capacity.

2. “Binding contract of sale” means a real estate purchase contract or offer that would, upon signing by the seller and subject to satisfaction of any contingencies, require the buyer to accept a transfer of title.

3. “Knowledge” means only actual knowledge of a defect or condition on the part of the seller of residential real property.

4. “Real estate purchase contract” means any of the following:

(a) a contract which provides for the purchase and sale or exchange of residential real property;

(b) a lease with an option to purchase residential real property;

(c) a lease-with-obligation-to-purchase agreement for residential real property; or

(d) an installment land sale contract for residential real property.

5. “Residential real property” means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed, or (b) condominium units or cooperative apartments, or (c) property in a homeowners’ association that is not owned in fee simple by the seller.

6. “Transfer of title” means delivery of a properly executed instrument conveying title to residential real property and shall include delivery of a real estate purchase contract that is a lease or installment land sale contract.