Definition of "Obligee"
The definition of obligee is the person to whom a debt or obligation is owed. An obligee is one party of a contract to who the other party, the obligor, is obligated. An obligee is also the party of the contract that is protected by a surety bond. In general terms, the party in an agreement that another party is under obligation to is called an obligee. The term itself is used in family law very often, but it is also used in real estate.
What does an obligee mean in family law?
In family law, the terms obligor and obligee are often used to describe the two parties involved in a custody case. The obligee is the parent that receives child support from the obligor, the one who pays. The obligee is the parent that gains custody of the child and will receive monthly payments in the form of child support. The court decides the value of the child support granted to the obligee from the obligor based on the obligor’s income. Divorce and real estate are linked in more than one way and family law can be quite taxing on all the parties involved.
In case the obligee or obligor face any changes in income, either party can petition the court to make changes in the monthly amount given or received. This means that while the obligor, the party paying child support, can petition the court for a recalculation of child support if their monthly income decreases or if they lose their job, the situation works the other way too. If the obligee loses their job or their financial situation changes through a lowering of income or even an increase, they can petition the court for an increase or decrease of child support.
What does an obligee mean in real estate?
As the term obligee is commonly used as a synonym for financial institutions who lend money for real estate purchases, we can say that an obligee is an institution that offers mortgages or loans to property buyers. But, by definition, an obligee can also be the seller.
What creates an obligee is a contractual or legal obligation to be paid or repaid, owed or receive something from another party, the obligor. An obligee is also often called a promisor or a debtor.
Popular Real Estate Terms
Business property, such as and office building, retail stores, medical center, or hotel, that operates with a profit. A risk/return relationship exists in commercial property. The return is ...
Extended area of land commonly held for subdividing and development into residential units. ...
Latin term meaning let the buyer beware. The buyer purchases at his or her risk, in the absence of fraud. This does not obligate the seller to volunteer information. However, legal statutes ...
Unexpected increase in the price of property not due to any effort on the owner's part. An example is when the appraised value of a house increases because of a population increase in the ...
Two or more authorized brokers who agree to cooperate together representing a principal for the completion of a real property sale. ...
Income for investors arising from net long-term profits of a real estate mutual fund realized when the portfolio is sold at a gain. Fund managers pass on profits from sales of real estate ...
Governmentally held records of public transactions giving constructive notice that documentation exists confirming the transaction. ...
High quality, premium wood to be used in construction such as for home building. ...
An acre is defined as a land unit that is commonly used in the US customary and imperial systems of 66 by 660 feet (one chain by one furlong). An acre is a measure of volume used in many ...
Have a question or comment?
We're here to help.