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Real Estate Novation Playbook: Contract to Closing

Take a novation from signed contract to funded closing in 12 clear steps.

12 phase novation TC workflow
Contract review before anything else
Finding and onboarding a novation Realtor

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What Is Inside

This free playbook shows a transaction coordinator how to take a real estate novation from signed contract to funded closing. It lays out each phase in order, with hard stops so deals do not fall apart. It is for TCs and wholesalers who are adding novations as an exit.

The core Novation TC SOP has 12 phases: check the signed contract, build the Drive folder, run the seller intake call, find and onboard a Realtor with novation experience, send documents and request comps, schedule photos, collect listing documents, set up showings, review offers, confirm the buyer is secured with EMD, open title, and track closing. It enforces three hard rules: never move forward on an incomplete contract, approve every offer internally before the seller sees it, and never open title before the buyer file is complete.

Supporting SOPs include a seller introduction call playbook, a TC under contract call script, an occupied home showings SOP, a price reduction addendum process, a utilities playbook, and an open to close SOP. Five training videos walk through the SOPs.

What it covers

12 phase novation TC workflow
Contract review before anything else
Finding and onboarding a novation Realtor
Photos, listing documents, and showings
Internal offer approval before the seller sees it
Buyer secured with EMD before title opens
Seller intro call and under contract script
Occupied home showing rules
Price reduction addendum timing

Who This Is For

Transaction coordinators running novation deals
Wholesalers adding novations to their exits
Owners who want novations handled the same way every time

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Frequently Asked Questions

How does a real estate novation work?

In a novation, the investor and seller agree to replace the original purchase contract with a new one between the seller and an end buyer. The investor usually lists the home on the open market, often after light repairs, and earns the spread. It can work when the numbers are too tight for a wholesale deal.

How long does a novation take to close?

It usually takes longer than a wholesale deal because the home is listed and sold to a retail buyer. Many take one to three months, depending on repairs, the market, and the buyer's financing. Setting clear timelines with the seller early helps.

Do I need a Realtor for a novation?

Most novation teams list the home on the MLS with a Realtor who understands how novations work. That gives the home the most exposure to retail buyers. This playbook includes steps for finding and onboarding that Realtor.