N.Y. GOB Law § 5-1311

§ 5-1311. Uniform vendor and purchaser risk act. 1. Any contract for\nthe purchase and sale or exchange of realty shall be interpreted, unless\nthe contract expressly provides otherwise, as including an agreement\nthat the parties shall have the following rights and duties:\n a. When neither the legal title nor the possession of the subject\nmatter of the contract has been transferred to the purchaser: (1) if all\nor a material part thereof is destroyed without fault of the purchaser\nor is taken by eminent domain, the vendor cannot enforce the contract,\nand the purchaser is entitled to recover any portion of the price that\nhe has paid; but nothing herein contained shall be deemed to deprive the\nvendor of any right to recover damages against the purchaser for any\nbreach of contract by the purchaser prior to the destruction or taking;\n(2) if an immaterial part thereof is destroyed without fault of the\npurchaser or is taken by eminent domain, neither the vendor nor the\npurchaser is thereby deprived of the right to enforce the contract; but\nthere shall be, to the extent of the destruction or taking, an abatement\nof the purchase price.\n b. When either the legal title or the possession of the subject matter\nof the contract has been transferred to the purchaser, if all or any\npart thereof is destroyed without fault of the vendor or is taken by\neminent domain, the purchaser is not thereby relieved from a duty to pay\nthe price, nor is he thereby entitled to recover any portion thereof\nthat he has paid; but nothing herein contained shall be deemed to\ndeprive the purchaser of any right to recover damages against the vendor\nfor any breach of contract by the vendor prior to the destruction or\ntaking.\n 2. This section shall be so interpreted and construed as to effectuate\nits general purpose to make uniform the law of those states which enact\nit.\n 3. This section may be cited as the uniform vendor and purchaser risk\nact.\n