ยง 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 the vendor
and vendee.
2. Upon default by the vendor, the vendee may demand return of his
deposit or deposits from the vendor. If the vendor has placed the
deposit or deposits in an escrow account pursuant to the provisions of
this article, he shall physically transfer the account to the vendee, or
pay the balance of said account to the vendee within fourteen business
days after the day on which the demand was made. If the vendor has
posted a bond pursuant to the provisions of this article, the vendee may
initiate action for payment thereon if his deposit or deposits have not
been paid to such vendee by the vendor within fourteen business days
after the day in which said demand was made.
Structure New York Laws