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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.
It's referring to the type of ownership interest in the property. With this particular property, title is held as Tenants In Common. That means you can become owner of as little as 1/8 of the property. You would have the right to use the property, presumably a single unit of an 8-unit complex, and can sell your interest at any time. If you were to acquire all 8 interests, you would be sole owner of the entire property.