§ 778-aaa. Definitions. As used in this article, the following terms,\nunless the context requires otherwise, shall have the following\nmeanings:\n 1. "Person" means a natural person, partnership, association,\ncooperative, corporation, trust, or other legal entity.\n 2. "Real estate service agreement" means a written contract under\nwhich a person agrees to provide services in connection with the\nmaintenance of or purchase or sale of residential real estate.\n 3. "Recording" means presenting a document to a recording officer,\nwhether the county clerk of the county or the register of the county,\nconsistent with the real property law.\n 4. "Residential real estate" means real property located in this state\nwhich is used primarily for personal, family, or household purposes and\nis improved by one to four dwelling units, including condominium units.\n 5. "Service provider" means an individual or entity that provides\nservices to a person.\n 6. (a) "Unfair real estate service agreement" means any real estate\nservice agreement that is not to be performed within two years after the\ntime it is entered into and either:\n (i) purports to run with the land or to be binding on future owners of\ninterests in the real property; or\n (ii) allows for assignment of the right to provide service without\nnotice to and consent of the owner of residential real estate; or\n (iii) purports to create a lien, encumbrance, or other real property\nsecurity interest, other than a mechanics lien properly issued pursuant\nto the provisions of the lien law; or\n (iv) is a real estate listing agreement as defined in paragraph e of\nsubdivision one of section four hundred forty-three of the real property\nlaw.\n (b) Notwithstanding the foregoing, an agreement shall not be\nconsidered an unfair real estate service agreement if it is a valid:\n (i) home warranty or similar product that covers the cost of\nmaintenance of a major home system for a fixed period;\n (ii) insurance contract;\n (iii) option or right of refusal to purchase the residential real\nestate;\n (iv) declaration created in the formation of a common interest\ncommunity or an amendment thereto;\n (v) maintenance or repair agreement entered by a homeowners'\nassociation in a common interest community;\n (vi) mortgage loan or a commitment to make or receive a mortgage loan;\n (vii) security agreement under the uniform commercial code relating to\nthe sale or rental of personal property or fixtures;\n (viii) contract with a water, sewer, electrical, telephone, cable, or\nother regulated utility service provider; or\n (ix) contract, restrictive declaration, regulatory agreement or other\ninstrument, which is mandated by a governmental entity or to which a\ngovernmental entity is a party.\n
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