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

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• 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.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Municipality: means any town, village or city. See N.Y. General Business Law 780
• 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.