Chapter 41. Deposits on Construction of New Homes

§ 41-2. Vendor to post bond.

Latest version.

When a vendor undertakes to build or construct a home in the Town for a vendee and such vendee is required to pay a deposit to such vendor, the vendor shall post with the Commissioner of Finance a bond in the amount of such deposit or deposits. Such bond shall be posted within five business days after the 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 New York State Superintendent of Insurance.

                    
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