(1) “Buyer” means any individual, partnership, corporation or trustee purchasing any estate or interest in a new residential real property or new dwelling.

(2) “Final settlement” means the time at which the parties have signed and delivered all papers and consideration to convey title to the estate or interest in a new residential real property or new dwelling.

(3) “New dwelling” means a new multi-family, single family or townhouse dwelling not previously occupied and constructed for use as a residence.

(4) “New residential real property” means any estate or interest in real property improved by a new dwelling not previously occupied and constructed for use as a residence.

(5) “Seller” means any individual, partnership, corporation or trustee transferring new residential property or a new dwelling.

(6) “Unfinished work” means a condition in a new residential real property or new dwelling which fails to comply with the work agreed upon by the vendor and/or seller in the specifications, contract terms and applicable building codes.

(7) “Vendor” means any person, firm, partnership, corporation or other entity that contracts to sell new dwellings or new residential real property.