Contracts
In Florida, a 'novation' in a real estate context means:
AA new offer replacing the original offer
BThe substitution of a new party, obligation, or agreement in place of the old one, with consent of all parties✓ Correct
CAdding a new clause to an existing contract
DCanceling a contract due to fraud
Explanation
Novation is the replacement of an existing contract (or party to a contract) with a new one, with the consent of all parties. In mortgage assumption, novation releases the original borrower when the lender accepts the new buyer as the sole obligor.
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