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You are likely to find that the contract for the sale of commercial property incorporates the Standard Commercial Property Conditions (Second Edition) and specifies, again, that the property is sold âwith vacant possessionâ or subject to a specific lease.f you seek to provide vacant possession then you must ensure that you pass the two fold test mentioned above and in particular: 1  You must leave the property and ensure that your family/employees leave and, indeed, anyone else-such as trespassers. 2  Take all your goods with you.
A sheriff's sale is a type of public auction where interested buyers can bid on properties. The homeowner was delinquent on his or her mortgage payments and lost the property to foreclosure. The bank or lender is now in legal possession of the property by a court order. They are trying to sell the property at this foreclosure auction in order to recover the money they have lost on the property. Sheriff sales are usually conducted in individual counties within a state.