New York § 778 - 778Definitions
Full text of New York New York Consolidated Laws § 778 — 778Definitions, with citation guidance and answers to common questions.
§ 778. 778Definitions
§ 778. Definitions. When used in this article, the following terms, unless the context requires otherwise, shall have the following meanings: 1. "Bank" means a bank, trust company, savings bank, or state or federal savings and loan association which is located within this state. 2. "Contract" means a written agreement between a seller and buyer for the sale and purchase of a home. 3. "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. 4. "Escrow agent" means a person, other than a seller, who holds a buyer's down payment deposit pursuant to the provisions of a contract. 5. "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. It does not mean a mobile home as defined in section seven hundred twenty-one of this chapter.
Frequently Asked Questions About New York § 778
What does New York Consolidated Laws § 778 cover?
Section 778 ("778Definitions") 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 § 778?
A common citation format is "New York Consolidated Laws § 778" (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 § 778 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.