Yes, you would enter zero if the buyer did not assume debt that was already established against the property because there is no debt assumed. Assume means the buyer takes on liability, and the seller is no longer primarily liable for the debt.

Question

If I had no loan for property sold on land contract, do I enter zero under debt assumed by buyer, or the amount that they owe me under financing agreement?

Forum|Forum|5 years ago
February 12, 2021
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DianeW777

Yes, you would enter zero if the buyer did not assume debt that was already established against the property because there is no debt assumed.

Assume means the buyer takes on liability, and the seller is no longer primarily liable for the debt.

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If I had no loan for property sold on land contract, do I enter zero under debt assumed by buyer, or the amount that they owe me under financing agreement?

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