Contracts
A 'novation' in Georgia replaces:
AA. The listing price in a contract
BB. An existing contract with a new one, releasing the original parties from the old obligations✓ Correct
CC. A buyer's agent with a new buyer's agent
DD. The escrow company during a transaction
Explanation
Novation substitutes a new contract or party for an old one, with all parties' consent. The original contract is extinguished and replaced. For example, a buyer assuming a mortgage through novation releases the original borrower from the debt.
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