Novation agreement ( optional clause)

Novation agreement ( optional clause)

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This precedent is a special condition for use with the 2005 or 2014 edition of the Contract for Sale of Land by the Law Society of NSW and Real Estate of NSW.

This clause allows the purchaser to require the vendor to release him or her in consideration of a new party entering into the contract. This is an alternative to clause 4.3 of the contract which allows a purchaser to direct the vendor to accept a transfer in the name of a person chosen by the purchaser other than the purchaser.

This precedent has been authored for LexisNexis by Daniela Terruso, Director, Intelmar and Peter Kirsop, Special Counsel, MRM Lawyers.

This document is prepared with the assistance of General Editor Christopher Conolly, Partner, TressCox Lawyers and Specialist Editor, Peter Rosier, Principal, Rosier Partners Lawyers.