Novation of an Agreement

So many times real estate agents ask whether you can revive a dead Offer. The answer is simple “no”. And, that’s all there is to it.

The Offer that became “null and void” is over.

However, what you can do is revive the “deal”, but not the old Offer.

So, you had an Offer on Monday and it became null and void on Tuesday, it’s gone.

But, now it’s Friday and for some reason you want to reuse the old paperwork. In this day and age with electronic documents, just create a new one, it’s that simple.

However, let’s say you are up at someone’s cottage and you would like to buy it. You brought a hard copy of the Offer with you and there’s no internet service. So, the Monday Offer is over. What you could actually do is reuse the Monday paperwork. Change all the dates and times, resign on Friday and call it the Friday agreement.

Here we have reused all the 15 pages and now we have a new Friday deal.

In most cases, with access to the internet just start a new Friday deal. That’s the best practice. However, it’s important to note that “novation” is possible.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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