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
Written agreement, guarantee, pledge, or promise annexed to the land between two or more parties to do or not to do something and is transferred to successive title holders. For example, in ...
Linear measurement of property abutting a road or water body acting as a boundary market. ...
Nonload bearing layer of brick covering a wall of decorative purposes only. The wall is usually constructed of wood framing or masonry block. ...
An insurance company or underwriter. An insurance policy is a legal instrument assuming the risk of loss for stated perils to real property in exchange for insurance premiums paid. ...
Right to an item belongs to the public at large so anyone can use it. An example is a real estate software program that is publicly available by an electronic bulletin board service. ...
Insurance contract providing coverage for risks primarily associated with negligence and acts of omission associated with third-party injuries or property losses. Property and casualty ...
Scarcity is a fundamental term in economics, mirroring the limited resources and needs gap. The shortage demands consumers to make logical decisions on spending their money efficiently. ...
Expenditures incurred to improve a specific real estate development; however, these improvements are not directly on the property. Example are curbs, driveways, and streets. ...
An Option Listing agreement is one of the many specificities of a Listing Agreement. Here’s what happens when the house seller signs an Option Listing: he gives someone (a home buyer, ...
Have a question or comment?
We're here to help.