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 meaning of a guarantee covers a legal and financially-binding agreement signed between three parties involved in real estate or financial transactions. In this document, typically ...
Person or business that obtains mortgages for others by finding suitable lenders. The mortgage broker sometimes deals with collections and disbursements. Typically the mortgage broker ...
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 ...
Same as term closing: legal process of transferring a piece of real estate to a buyer. Typically it occurs in the office of the lender, attorney, or an escrow company. ...
If escrow is the legal “moment” where assets are held by a third party (an escrow agent) hired by both the buyer and the seller of goods like real estate and insurance until the ...
Time it takes to drive to an outlying area form a major urban area. The driving time radius can radically affect real estate values in outlying areas of major metropolitan regions. Unless ...
Also called trust deed. A document that conveys title to a neutral third party during the period in which the mortgage loan is outstanding as collateral for a debt. ...
The direction in which a community is growing. Directional growth is measured over time, and its path strongly influences current and future market values of those properties clearly in ...
An adversary hearing allows both parties to an issue to present their views. A public procedure performed by an administrative or legislative body to investigate certain matters and ...
Have a question or comment?
We're here to help.