Section 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.