Novation is replacing one contract with another. People do this because the obligations of the parties change.

They are either added or deleted, or the parties to the contract change.

Novation is different from assignment, because the assignor is still obligated, and so the other parties do not need to approve the change.

 

A due diligence period includes the time it takes to conduct inspections.

It may also include the period when the house is under contract until all contingencies are resolved or removed.

Either way, inspections must be done in a timely manner.