New York § 461 - 461Definitions
Full text of New York New York Consolidated Laws § 461 — 461Definitions, with citation guidance and answers to common questions.
§ 461. 461Definitions
§ 461. Definitions. As used in this article, the following terms shall have the following meanings: 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.
Frequently Asked Questions About New York § 461
What does New York Consolidated Laws § 461 cover?
Section 461 ("461Definitions") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 461?
A common citation format is "New York Consolidated Laws § 461" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 461 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.