Novation
Acceptance by parties to an agreement to replace an old debtor with a new one. A novation releases liability.
More Real Estate Definitons
ShakeGroundwaterEscrowPriority ClauseRiprapKioskPlansNet IncomeMechanic’s lienRegisterMortgageAffirmMonumentZero Side YardJudicial SaleJunior MortgageTownship RoadYardEquitySelf-dealingClaim of rightRecording FeeMeridianNotarizeJuratKick PlateCattle GuardKipKnotQuadrangleX-BracingGraded TaxSolar HeatingZoneDeedYieldTerm MortgageStand CruiseOptionAssessment BaseFloor PlanSubordination