New iPhone for travel abroad?

I'm going to be in Europe for three months and need to get an unlocked phone that I can put a new SIM card in to get a local number. I understand that the iPhone 5 comes unlocked. Does that mean I can purchase it through Verizon on a two year contract and put a different SIM card in it a month after purchasing it and it will work or can I not do that until the contract is up?

Added (1). I want to be able to use it on my family's Verizon plan when I get back.

Check out amazon they have the iphone 5 unlocked
Link below:
http://astore.amazon.com/...list0af-20

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