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
Are you speculating what a spec house means? (sorry for the lousy pun) The textbook spec (or speculative) house definition is “one built on an experimental basis, without an order ...
Regularly, subsequent means something which occurs at a later date. In other words, a subsequent event follows a prior occurrence. For example, new circumstances arise after a contract is ...
The number of units currently occupied in a facility, neighborhood, or city, stated as a percentage of total capacity. For example, a hotel has 80 rooms available for guests. Its average ...
The term “property title” is relatively common and often used in the real estate industry, which is why it’s useful to know what it really means. While the term itself is ...
Drilled well where water rises through the opening because of naturally occurring water pressure. ...
Condensed appraisal report covering the major items. ...
When talking about the open space ratio we are referring to a term that is used in zoning laws and regulations. The open space ratio is a term used to measure open space on a developed land ...
Method of describing a real estate property offering by a developer in lieu of a prospectus. ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
Have a question or comment?
We're here to help.