Friday, August 24, 2012

SELLING A HOME IN TODAY'S MARKET

Section 461 provides:

"§ 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."

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