"Novation" is an exchange of one contract, person or obligation for another. "Assignment" is more related to leases than contracts. "Subordination" is when the priority of a mortgage lien is changed on a property, so that it takes a lower priority than another mortgage lien. "Redaction" is the editing or removal of text from a document.
These are questions that the above text answers:
1. What is novation?
2. How is assignment related to leases?
3. What is subordination in real estate?
4. What does redaction mean in the context of documents?
5. What is the purpose of novation?
6. In what situations is assignment commonly used?
7. How does subordination affect the priority of mortgage liens?
8. Can novation be applied to both contracts and people?
9. When would one choose to use assignment instead of novation?