2017 New York Laws
GBS - General Business
Article 37 - Deposits on Construction of New Homes
780 - Definitions.
780. Definitions. When used in this article, the following terms, unless the context requires otherwise, shall have the following meanings.
1. "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.
2. "Vendor" means any person, firm, corporation, or association engaged in the business of erecting or constructing homes.
3. "Home" means a new one or two family dwelling intended to be used primarily as a residence.
4. "Municipality" means any town, village or city.
5. "Default" occurs where title to the home is not transferred to the vendee because of the failure of the vendor to substantially perform those provisions of the agreement between the vendor and vendee wherein vendor undertook to build or construct a home for the vendee, or where the vendor becomes insolvent.
6. "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.
7. "Demand" means communication of an actual notice to the vendor of requests made therein.
