The Terraces of Sunset Park v. Chamberlin 

Parties entered written agreement for purchase of property for $1.75 million, with $50,000 to be paid when agreement signed, and $50,000 on certain date as down payment, but if down payment not made, then initial payment forfeited and transaction void; and if property not closed on certain date, payments forfeited and transaction void. Even though agreement used term "sale contract" and not "option", implications of agreement's terms were clearly those of option, not of sale. Option contract is not subject to Residential Real Property Disclosure Act.