Contracts
In South Carolina, 'novation' in real estate contracts means:
AAdding a new clause to an existing contract
BSubstituting a new contract or new party for an old contract or party, releasing the original obligation✓ Correct
CMaking a counteroffer
DExtending the closing date
Explanation
Novation replaces an existing contract (or party) with a new one, extinguishing the old obligation. In real estate, it may occur when a buyer assumes a mortgage with the lender's consent, releasing the original borrower from liability.
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