Sum of Liabilities” what does that mean?
Well, liabilities are essentially defined as debts you have agreed to take on, or that the buyer of your property has agreed to take on for you. For instance, say you owe $2000 in taxes on the property you sell and, in lieu of cash, the buyer agrees to pay that bill. That would be a liability that was “taken over by the buyer” on the sale of your relinquished property.
