Novation agreement
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- Length:4 pages (1160 words)
- Available in:
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About this novation agreement
Use this novation agreement to transfer a contract for the design or build of a property to the purchaser on the sale of land.
This is a simple yet comprehensive agreement that can be used to novate any building contract, usually with only minimal editing.
The consent of all three parties - the transferee, the transferor and the other contracting party - is required to implement the novation.
Why a deed of novation rather than a contract
Our novation agreement has been drawn as a deed rather than a contract. At law, a contract requires consideration (something in return for the novation). A deed does not require consideration, so it is a more flexible way of achieving the same end.
When to use this novation agreement
Typically (although not exclusively) this novation agreement would be used in the following situations:
- When the owner of a development is forced to sell before completing the project and the buyer wishes the existing contractor to continue the development
- When an unincorporated business is sold along with an unfinished land or building development
This agreement could be bought by:
- A seller looking to make the purchase of his land as easy and attractive for a buyer as possible (even easier if the novation agreement is signed by the contractor in advance of the sale)
- A buyer wishing to sort out the affairs of a seller having bought an unfinished property
- A builder, tradesman or architect who wants to keep developing the site even though the customer changes
Agreement features and contents
- Suitable when either party is resident outside Canada
- Ensures a legal transfer as it is drawn as an agreement between all parties
- Comprehensive provisions provide ideas for you to mould
- Suitable for all provinces of Canada
The deed of novation contains the following sections:
- Details of the parties
- Indemnity clause to protect both parties from loss, damage or legal liability once the contract is transferred
- The novation
- Other usual legal provisions in plain English
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