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Novation, in contract law and business law, [1] is the act of –. replacing an obligation to perform with another obligation; or. adding an obligation to perform; or. replacing a party to an agreement with a new party. In international law, novation is the acquisition of territory by a sovereign state through "the gradual transformation of a ...
Estoppel certificate. An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and ...
Assignment (law) Assignment [a] is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. [1] An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Mortgage assumption. Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. [1] All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a ...
In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. [1] Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible ...
t. e. The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon anyone who is not a party to that contract. [1] It is related to, but distinct from, the doctrine of consideration, according to which a promise is legally enforceable only if valid consideration has ...
Novation Companies, Inc., (NOVC) was founded as NovaStar Financial, Inc., a Kansas City-based residential mortgage company, in 1996. Through its subsidiaries, NovaStar Mortgage, Inc., and NovaStar Home Mortgage, Inc., it originated, securitized and serviced residential loans. During a 10-year period, NovaStar Mortgage originated more than $40 ...