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 ready to unlock the secret to reaching your ideal audience? The key is market delineation! But what what does delineate mean? Join us on this real estate journey and uncover the ...
Act of obtaining land through condemnation. For example, when in interstate highway must be constructed, the land for the new road is obtained through takings. Usually, the government ...
Judicial action to establish property ownership. In a quiet action, adverse claimants are required to state their claims or be forever stopped from any future title claim. The basic ...
An agreement, debt, or low which can be operationalized, fulfilled, completed, or performed. ...
Passageway existing from property. An agree may lead to a roadway or some other form of exit. ...
Return earned on an investment over a given time period. It includes two basic components- the current yields, such as rental income and capital gains, or losses in property values. It is ...
Right of any government agency to enact and enforce certain regulations to provide for the health and safety and general welfare of the public. ...
Rule within the Internal Revenue Code applicable to capital gains from selling real estate that has been depreciated for tax purposes. Most buildings must be depreciated using the ...
(1) Voiding an order to buy or sell real estate. (2) Prematurely terminating an insurance policy. (3) Voiding a negotiable instrument by nullifying or paying it. ...
Have a question or comment?
We're here to help.