Definition of "Vest"
Giving another an immediate benefit. Example are an employee in a real estate company receiving pension or health care benefits after five years of employment, and passing title to property. Once vesting has occurred a legal right exists to the recipient. One can have title without possession, such as when there is a life estate from Jack to Brian, but Brian only obtains possession upon Jack's demise.
Popular Real Estate Terms
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Tank placed beneath the ground to accumulate sewage. ...
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Secondary written agreement to purchase real property in the event the initial contract is not signed. ...
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Expenditure paid to occupy property over a specified time period. ...
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