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
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is ...
An insurance policy indemnifying a property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure. ...
Real property that is without any obligations, liens, or anything else against it. It is free and clear such as a house without mortgage. ...
Architectural style featuring a long low roof line with a continuous row of windows and a plain exterior. It is very open design with long horizontal lines rather than having small secluded ...
Legal action under eminent domain where the government takes ownership of privately held real estate for public use (parks or schools for example) irrespective of the owners wishes. The ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. ...
Projecting what the total cost would be to construct a structure. Costs include material, labor, and lawyers' fees. ...
Municipal ordinance stating the distance from a curb or property line where the building of a structure is prohibited. Also states the distances from a boundary line where construction is ...
See clapboard. ...
Have a question or comment?
We're here to help.