This Article is applicable to the construction
of new one- and two-family dwellings pursuant to the authority granted
in Article 37 of the General Business Law, as amended by Chapter 643
of the Laws of 1975.
When used in this Article, the following terms,
unless the context requires otherwise, shall have the following meanings:
DEFAULT
Where title to the home is not transferred to the vendee
because of the failure of the vendor to substantially perform those
provisions of the agreement between the vendor and vendee wherein
vendor undertook to build or construct a home for the vendee or where
the vendor becomes insolvent.
DEMAND
Communication of an actual notice to the vendor of requests
made therein.
DEPOSIT
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.
HOME
A new one- or two-family dwelling intended to be used primarily
as a residence.
TOWN CLERK
The Town Clerk of the Town of Niskayuna.
VENDEE
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.
VENDOR
Any person, firm, corporation or association engaged in the
business of erecting or constructing homes.
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 Town Clerk a bond in the
amount of such deposit or deposits. Such bond shall be posted within
five business days after receipt of said deposit or deposits, by the
vendor, and shall secure the payment of said deposit to the vendee
upon the vendor's default. Such bond shall be in such form as required
by the Superintendent of Insurance.
In lieu of posting a bond as provided in this
Article, the vendor shall place the 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
or deposits. Such deposit or deposits, together with interest accumulated
thereon, shall remain the property of the vendee, except as otherwise
provided herein.
The Building Inspector of the Town of Niskayuna
may make such rules and regulations, approved by the Town Board, as
may be necessary to effectively administer the provisions of this
Article.