Synonyms
Etymology

1. novation

noun. (law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party.

Synonyms

  • replacement

Etymology

  • novatio (Latin)

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Example sentences of the word novation


1. Noun, singular or mass
In the case of a mortgage loan, the current borrower and the third party willing to assume the loan as well as the lender must all agree to novation of the loan.

2. Adverb
If a lender agrees to grant you novation, you must provide income documentation to prove you can afford to pay the mortgage payments without assistance.

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