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Assignment is VERY rare. Mostly seen when the buyer can't actually afford the house and is trying to sell it during escrow. The texas house flipper Armando Montelano was big into preaching this method. I'm big into calling "BS" on those offers.
Kathleen Daniels, Prob...
San Jose, CA
Tony and Suzanne Marri...
Nina Hollander nailed this one!
flip of a coin
I have done a couple of assignable contracts.
I've never had either.
I have seen very few contract novations compared to contract assignments.
abby tiscareno never!
I don't deal with either of these.
abby tiscareno They are very far and few in between.
I've seen builders have land agreements assigned to them.... they used a straw...
Since these are terms not nornally used as a contrast it shoulds to me that this is a real estate test question your instructor is talking about. Common sense will help you a lot.
Never had an assignment of contract, but was trained to do novation if I ever do.
It's never happened to me
Most often, for good reason, contracts are not assignable. As far as novations, rarer still!
Rare. Although, I am doing an assignment right now.
Working with investors we do many assignment of contract, very seldom is there a novation.
Never had either; distinctions are legal.
I do not have experience with either of those. I do not believe we have those in SoCal.
Blog about your experience.