What is the difference between contract assignment and novation?

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Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets

Big Block Realty 858.232.8722 - La Jolla, CA

CEO of Vision Drive Realty - Coastal San Diego

Jun 10, 2019 10:37 PM

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Debe Maxwell, CRS

Charlotte, NC
John Pusa

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Thousand Oaks, CA
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Georgetown, MA
Nina Hollander, Broker

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Thomas J. Nelson, REAL...

La Jolla, CA

Rainmaker
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Doug Dawes

Keller Williams Evolution - 447 Boston Street Topsfield, MA - Georgetown, MA

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What Roy Kelley posted for you

Jun 11, 2019 05:15 AM

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Debe Maxwell, CRS

Charlotte, NC
Anthony Acosta - ALLAT...

Atlanta, GA
Roy Kelley

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Sandy Padula & Norm Padula, JD, GRI

HomeSmart Realty West & Florida Realty Investments - , CA

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The record is skipping again, push the needle

Jun 11, 2019 04:10 AM

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Debe Maxwell, CRS

Charlotte, NC
Ron and Alexandra Seigel

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Georgetown, MA

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Roy Kelley

Retired - Gaithersburg, MD

Like assignment, novation transfers the benefits under a contract but unlike assignment, novation transfers the burden under a contract as well. ... Novation does not cancel past rights and obligations under the original contract, although the parties can agree to novate these as well.

Assignment and novation - Out-Law.com

https://www.out-law.com/en/topics/projects...contracts/assignment-and-novation/

Jun 11, 2019 03:53 AM

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Debe Maxwell, CRS

Charlotte, NC
Ron and Alexandra Seigel

Carpinteria, CA
Doug Dawes

Georgetown, MA

Rainmaker
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Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Deja vu all over again and again and again!

Jun 11, 2019 04:02 AM

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Ron and Alexandra Seigel

Carpinteria, CA
Doug Dawes

Georgetown, MA

Rainmaker
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Joe Pryor

The Virtual Real Estate Team - Oklahoma City, OK

REALTOR® - Oklahoma Investment Properties

Check Google.

Jun 11, 2019 03:04 AM

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Debe Maxwell, CRS

Charlotte, NC
Doug Dawes

Georgetown, MA

Rainmaker
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Richard Weeks

Dallas, TX

REALTOR®, Broker

An assignment is when a buyer sells their equitable interest in a property to another. A novation is when you draft a new contract.

Jun 11, 2019 02:37 AM

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Debe Maxwell, CRS

Charlotte, NC
Doug Dawes

Georgetown, MA

Rainmaker
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Valeria Mola

SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL

305-607-0709 SIB Realty Condos for Sale and Rent

I just wonder, where did you get all those questions?

Jun 10, 2019 08:46 PM

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Debe Maxwell, CRS

Charlotte, NC
Doug Dawes

Georgetown, MA

Rainmaker
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Anthony Acosta - ALLATLANTAcondos.com

Harry Norman, REALTORS® - Atlanta, GA

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Good luck with your studies.

Jun 10, 2019 07:35 PM

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Debe Maxwell, CRS

Charlotte, NC
Doug Dawes

Georgetown, MA

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Bob "RealMan" Timm

Ward County Notary Services - Minot, ND

Owner of Ward Co Notary Services retired RE Broker

Why not ask your teacher... oh wait, he's laughing all the way to the bank.

Jun 10, 2019 07:21 PM

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Debe Maxwell, CRS

Charlotte, NC
Doug Dawes

Georgetown, MA

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Debe Maxwell, CRS

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Yep, déjà vu!

Jun 11, 2019 07:59 PM

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John Pusa

Glendale, CA

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John Pusa

Berkshire Hathaway Home Services Crest - Glendale, CA

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Very good responses already.

Jun 11, 2019 02:29 PM

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Debe Maxwell, CRS

Charlotte, NC

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Ryan Huggins - Thousand Oaks, CA

https://HugginsHomes.com - Thousand Oaks, CA

Residential Real Estate and Investment Properties

.

Jun 11, 2019 10:57 AM

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Debe Maxwell, CRS

Charlotte, NC

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Byron K . Jones

Coatesville, PA

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yes

Jun 11, 2019 09:02 AM

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Debe Maxwell, CRS

Charlotte, NC

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Kathleen Daniels, Probate & Trust Specialist

KD Realty - 408.972.1822 - San Jose, CA

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

Jun 11, 2019 08:02 AM

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Debe Maxwell, CRS

Charlotte, NC

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Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

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Roy is an attny and answers this well.

Jun 11, 2019 05:18 AM

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Debe Maxwell, CRS

Charlotte, NC

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Kris Collis, Associate Broker

Smart Way America Realty - East Stroudsburg, PA

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This question posted twice.

Jun 10, 2019 07:39 PM

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Doug Dawes

Georgetown, MA

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Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Same question, same answer.

Jun 25, 2019 04:10 PM

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Rainmaker
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Annette Lawrence , Palm Harbor, FL 727-420-4041

ReMax Realtec Group - Palm Harbor, FL

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I don't know why people answer question from Anonymous!

Oh, I just did.

Jun 12, 2019 03:21 PM

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Rainmaker
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John Juarez

The Medford Real Estate Team - Fremont, CA

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I have never, in 20+ years, dealt with either.

Jun 12, 2019 02:19 PM

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Rainer
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Kanah Teagyn

KT Real Estate Student - Sandy, UT

Studying the pre-licensing course

If you want to transfer the burden of a contract as well as the benefits under it, you have to novate. Like assignment, novation transfers the benefits under a contract but unlike assignment, novation transfers the burden under a contract as well.

Jun 12, 2019 07:35 AM

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Rainer
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Wendy Katerberg

RE/MAX of Grand Rapids - Wyoming, MI

Realtor, Broker, Assoc Broker, GR and surrounding

Contract assignment is tranferring the interest in a construction contract from one party to another. You can transfer from one party to another via novation as well. However, novation is also tranferring the rights and obligations to a third party.

Jun 11, 2019 09:06 PM

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Rainmaker
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Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

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This has been answered recently, and Google has the answer also.

Jun 11, 2019 06:56 AM

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Rainmaker
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Sam Shueh

(408) 425-1601 - San Jose, CA

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(RE)novation is a new contract superceding old one.

Jun 11, 2019 06:43 AM

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Rainmaker
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Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Roy Kelley gave you the answer....

Jun 11, 2019 05:36 AM

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Rainmaker
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Wayne Martin

Wayne M Martin - Chicago, IL

Real Estate Broker - Retired

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Jun 11, 2019 05:25 AM

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Like assignment, novation transfers the benefits under a contract but unlike assignment, novation transfers the burden under a contract as well. ... Novation does not cancel past rights and obligations under the original contract, although the parties can agree to novate these as well.

Assignment and novation - Out-Law.com

https://www.out-law.com/en/topics/projects...contracts/assignment-and-novation/
An assignment is when a buyer sells their equitable interest in a property to another. A novation is when you draft a new contract.
Why not ask your teacher... oh wait, he's laughing all the way to the bank.
I don't know why people answer question from Anonymous!

Oh, I just did.
If you want to transfer the burden of a contract as well as the benefits under it, you have to novate. Like assignment, novation transfers the benefits under a contract but unlike assignment, novation transfers the burden under a contract as well.
Contract assignment is tranferring the interest in a construction contract from one party to another. You can transfer from one party to another via novation as well. However, novation is also tranferring the rights and obligations to a third party.
This has been answered recently, and Google has the answer also.