Real estate novation is a legal concept that refers to the substitution of a new contract or agreement for an existing one. It involves the transfer of rights and obligations from one party to another, often to facilitate a change in ownership or financing of a property.
In the context of real estate, novation can occur when there is a change in the parties involved in a property transaction, such as when a buyer takes over the obligations of a seller under an existing contract. This can also occur when a new lender takes over an existing mortgage or loan agreement.
The novation process typically involves the negotiation and execution of a new contract or agreement that supersedes the previous one. This new agreement must be accepted by all parties involved, and the original contract or agreement is then terminated or discharged.
Overall, real estate novation is an important legal concept that can help facilitate the transfer of property rights and obligations in a smooth and efficient manner.
What’s most important to you?:
Novation Option: Create Specific solution catered to your needs.
Agree to a net price. You avoid dealing with title companies, closing attorneys, RE agents, repair contractors, and no fees to you. Paperwork is fast. Complete purchase agreement. Price, speed, more time, reasonable access, prescreen potential buyers, help buyers complete inspections, appraisals and estimates.
Buyer substitution agreement. Prep for closing. 100% of net price agreed to and sold. We take care of the repairs for the buyer after we settle with you. We handle everything youll be hands off. Easiest way to sell.