2,230,207
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.
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Doug Dawes
Topsfield, MA
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Clay R. Seay
Saint Augustine, FL
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Ron and Alexandra Seigel
Carpinteria, CA
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Mary Yonkers
Erie, PA
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Sandy Padula & Norm Pa...
, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
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Carol Williams
Wenatchee, WA
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Anthony Acosta - ALLAT...
Atlanta, GA
5,492,242
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.
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Doug Dawes
Topsfield, MA
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Ron and Alexandra Seigel
Carpinteria, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Anthony Acosta - ALLAT...
Atlanta, GA
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Roy Kelley
Gaithersburg, MD
-
Carol Williams
Wenatchee, WA
5,321,288
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.
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Doug Dawes
Topsfield, MA
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Ron and Alexandra Seigel
Carpinteria, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Anthony Acosta - ALLAT...
Atlanta, GA
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Roy Kelley
Gaithersburg, MD
5,123,195
Assignment when a buyer transfers their equitable interest in a property to another. Novation is when the parties decide to structure a new contract.
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Doug Dawes
Topsfield, MA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
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Roy Kelley
Gaithersburg, MD
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Carol Williams
Wenatchee, WA
2,122,622
Assignment is "assigning" a new purchaser to an existing contract.
Novation is creating an entirely new contract in place of the old one.
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Doug Dawes
Topsfield, MA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
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Carol Williams
Wenatchee, WA
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Anthony Acosta - ALLAT...
Atlanta, GA
6,697,875
I see some good definitions here.
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Doug Dawes
Topsfield, MA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
1,598,552
Great answers.
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Doug Dawes
Topsfield, MA
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Mary Yonkers
Erie, PA
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Bob "RealMan" Timm
Minot, ND
3,416,372
In a simple answer assignment transfers the rights to the contract where Novation writes a new contrct
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Doug Dawes
Topsfield, MA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
8,161,672
You have some good answers.
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Doug Dawes
Topsfield, MA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
5,492,526
You are covered here in the Rain!
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Doug Dawes
Topsfield, MA
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Dan & Laurie Pittsenba...
Bellingham, WA
-
Bob "RealMan" Timm
Minot, ND
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Roy Kelley
Gaithersburg, MD
1,294,314
Check gogle
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Doug Dawes
Topsfield, MA
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Mary Yonkers
Erie, PA
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Bob "RealMan" Timm
Minot, ND
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Roy Kelley
Gaithersburg, MD
2,071,135
You will get the right answer.
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Valeria Mola
Sunny Isles Beach, FL
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Doug Dawes
Topsfield, MA
1,231,853
Many good definitions of both terms, Kenya Monterrosas
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Doug Dawes
Topsfield, MA
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Anthony Acosta - ALLAT...
Atlanta, GA
3,432,576
I wish you all the best with your real estate studies.
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Doug Dawes
Topsfield, MA
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Anthony Acosta - ALLAT...
Atlanta, GA
1,752,637
Thanks Anthony Acosta - ALLATLANTACONDOS.COM
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Doug Dawes
Topsfield, MA
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Anthony Acosta - ALLAT...
Atlanta, GA
469,575
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.
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Doug Dawes
Topsfield, MA
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Mary Yonkers
Erie, PA
2,526,217
Anthony Acosta - ALLATLANTACONDOS.COM has you covered. BTW this is not something you will find on the test or will ever use Kenya Monterrosas .
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Doug Dawes
Topsfield, MA
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Dan & Laurie Pittsenba...
Bellingham, WA
1,262,540
I'd have to bet the answer to your question can be found in your course materials
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Doug Dawes
Topsfield, MA
1,447,973
I have not run across the word "novation" since I strudied for my license over 20 years ago.
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Doug Dawes
Topsfield, MA
921,504
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.
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Doug Dawes
Topsfield, MA
5,774,100
You now have your question answered, keep studying hard for your exam. A
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Doug Dawes
Topsfield, MA
1,539,754
5,584,889
Anthony Acosta - ALLATLANTACONDOS.COM gave you the answer....
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Doug Dawes
Topsfield, MA
1,263,077
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.
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Doug Dawes
Topsfield, MA
6,011,537
1,713,581