What is the difference between a Novation Agreement and a Lease/Tenancy Agreement?
A Novation Agreement is a contract between parties that transfers the rights and obligations of one party under an existing contract to a third party, effectively replacing one party with another.
In a Novation Agreement, typically three parties are involved: the original contracting parties (the outgoing party and the remaining party) and the new party (incoming party) who assumes the rights and obligations of the outgoing party.
A Lease Agreement, also known as a rental agreement or tenancy agreement, is a contract between a landlord and a tenant outlining the terms and conditions of renting a property.
In a Lease Agreement, usually two parties are involved: the landlord (property owner) and the tenant (person or entity renting the property).
Related questions
Is stamping required and stamp duty payable when a new tenant takes over the remaining lease period from an outgoing tenant, with a 1.5-month extension but no consideration paid.
How should I stamp a Novation Agreement or an Assignment of Lease to a new Landlord instead of to a new Tenant?
If I sign a tenancy agreement with a landlord for room rental, do I need to pay for stamp duty?
Is stamping required and is stamp duty payable if an incoming tenant assumes the remaining lease period from the outgoing tenant?
