A vacant” notice is an agreement between both parties in which you purchase a property and agree to give a specified amount of time before you remove all of the possessions from the home. If at the end of the agreed upon time, you find that you cannot legally occupy the property because it is still unoccupied, you are obligated to pay the price that was agreed upon. This is a type of agreement that is called an “escrow” agreement. When you have an agreement like this, you are said to have a “vacant” notice. The property owner will give you an empty property, and you will give him or her money for it. However, until that day, it remains empty.
For example, if you agree to buy a house and then one day you discover that you cannot move into the property until the day after your wedding, you are obligated to give the house back to the Vacant notice seller for the full amount of money that you agreed to pay for it. If you cannot afford to pay the full amount in cash, you can give the seller a check or make an arrangement for financing the purchase. In that case, your agreement states that you will give the seller $300 on the day after your wedding.
You cannot rent a vacant property out, but you can sell it if you want to.
