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Rainmaker
1,350,105
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

An assignment and novation differ in several important ways. Assignment gives some rights to a third party, whereas a novation transfers both rights and obligations to a third party. 

May 30, 2019 08:50 PM
Ambassador
3,719,361
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Assignment = assignment - Assigns some rights/obligations in a Contract to another buyer.

Novation - 'Novare' = "make new" -  New Contract is written with all named party rights/obligations transferring from the old to the new Contract.

May 30, 2019 09:01 PM
Rainmaker
3,492,927
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

You've received your answer, but I'm sure your text book has this answer. And if it doesn't I'm sure you know how to use Google to get the answer.

May 31, 2019 04:28 AM
Rainmaker
3,480,490
Richard Weeks
Dallas, TX
REALTOR®, Broker

Assignment when a buyer transfers their equitable interest in a property to another.  Novation is when the parties decide to structure a new contract.

May 31, 2019 03:20 AM
Ambassador
1,737,921
Alan May
Jameson Sotheby's International Realty - Evanston, IL
There's no place like home.

Assignment is "assigning" a new purchaser to an existing contract.

Novation is creating an entirely new contract in place of the old one.

May 30, 2019 08:20 PM
Ambassador
4,754,903
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I see some good definitions here.

May 30, 2019 10:46 PM
Rainmaker
1,436,074
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Great answers.

May 31, 2019 05:29 AM
Rainmaker
3,182,382
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

In a simple answer assignment transfers the rights to the contract where Novation writes a new contrct

May 31, 2019 05:16 AM
Rainmaker
5,882,674
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You have some good answers.

May 31, 2019 04:30 AM
Rainmaker
3,636,789
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

You are covered here in the Rain!

May 31, 2019 04:22 AM
Rainmaker
735,283
Peter Mohylsky. Beach Expert
PrimeSouth Properties - Santa Rosa Beach, FL
THE BEACH IS OPEN

Check gogle

May 31, 2019 04:05 AM
Rainmaker
1,891,393
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

You will get the right answer.

May 31, 2019 09:42 AM
Rainmaker
1,230,687
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Many good definitions of both terms, Kenya Monterrosas 

May 31, 2019 09:29 AM
Rainmaker
2,885,611
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I wish you all the best with your real estate studies. 

May 31, 2019 08:32 AM
Rainmaker
1,592,030
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Thanks Anthony Acosta - ALLATLANTACONDOS.COM

May 31, 2019 07:01 AM
Rainmaker
456,286
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

If you put the  letter "I" infront of each - Inovation is another cool word with a prosurvival meaning. Iassigment doesn't role off the tonque as well and is meaningless. Sorry it's the first difference I could come up with that isn't  in the book.

May 31, 2019 06:45 AM
Rainmaker
1,747,615
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Anthony Acosta - ALLATLANTACONDOS.COM has you covered. BTW this is not something you will find on the test or will ever use Kenya Monterrosas .

May 31, 2019 06:20 AM
Rainmaker
874,582
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I'd have to bet the answer to your question can be found in your course materials

Jun 01, 2019 05:27 AM
Rainmaker
785,783
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have not run across the word "novation" since I strudied for my license over 20 years ago.

May 31, 2019 12:29 PM
Rainmaker
821,950
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Kenya, congrats on asking a truly original question from which many of us learned maybe one thing new.

Both are not common for a real estate sales person to do, they are however events occurring regularly in specialty real estate.

May 31, 2019 10:06 AM
Rainmaker
4,919,953
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

You now have your question answered, keep studying hard for your exam. A

May 31, 2019 09:46 AM
Rainmaker
1,306,432
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

You have good answers here

May 31, 2019 09:28 AM
Rainmaker
5,387,689
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Anthony Acosta - ALLATLANTACONDOS.COM gave you the answer....

May 31, 2019 08:59 AM
Rainmaker
1,091,805
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

It happens to a flipper. He gets a property through mls and want to sell immediately to an investor.

Often I reject a novation contract. Do not bid if serious.

May 31, 2019 07:35 AM
Rainmaker
4,381,679
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Good luck with your studies.

Jun 14, 2019 11:44 AM
Ambassador
1,706,708
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Is that your stage name?

Jun 01, 2019 02:30 PM