779 – Applicability.

§ 779. Applicability. Any municipality is hereby authorized to adopt the provisions of this article provided such municipality, after a public hearing, adopts a local law or ordinance providing therefor.

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. […]

781 – Security to Be Furnished by Vendor.

§ 781. Security to be furnished by vendor. When a vendor undertakes to build or construct a home for a vendee, and such vendee is required to pay a deposit to such vendor, the vendor shall post with the chief fiscal officer of the municipality wherein such home is to be erected or constructed, a […]

782 – Alternative to Posting Bond.

§ 782. Alternative to posting bond. In lieu of posting a bond as provided in this article, the vendor shall place the deposit or deposits paid to him by the vendee in an interest bearing escrow account with a bank as defined in the banking law within five business days after receipt of such deposit […]

783 – Disposition of Security.

§ 783. Disposition of security. 1. Upon transfer of title of the home to the vendee the bond posted pursuant to this article shall be released, and any funds held in escrow pursuant to the provisions of this article, together with interest accumulated thereon shall become the property of the vendor, unless otherwise agreed between […]

784 – Penalties and Liabilities.

§ 784. Penalties and liabilities. 1. Failure of the vendor to comply with any of the provisions of this article is a misappropriation of funds and action may be brought by the vendee against the vendor for the return of any moneys advanced. In addition, such vendor shall be liable for criminal action pursuant to […]

785 – Waiver Prohibited.

§ 785. Waiver prohibited. Any agreement entered into by a vendee which waives, limits or disclaims the rights or obligations set forth in this article shall be void as contrary to public policy.