What payment method is Corcoran requiring franchisees to use?
Corcoran Franchise · 2025 FDDAnswer from 2025 FDD Document
- 11.2 Payments and Interest. Any payments more than ten (10) days past due will bear interest at the lesser of the highest rate allowed by law or 18% per annum (1.5% per month).
We will apply your payments (and, at our discretion, any amounts we (or our Related Parties) owe you or your Related Parties) to any of your past due indebtedness for Royalty Fees, BMF contributions, purchases from us or our Related Parties, interest or other indebtedness as we may determine in our Reasonable Business Judgment.
No restriction on any check or in any communications accompanying payment will bind us or our Related Parties.
Source: Item 23 — RECEIPTS (FDD pages 75–276)
What This Means (2025 FDD)
According to Corcoran's 2025 Franchise Disclosure Document, there are no specific payment methods required. However, the document does state that any payments more than ten days past due will bear interest at the lesser of the highest rate allowed by law or 18% per annum (1.5% per month).
Corcoran will apply payments to any past due indebtedness for Royalty Fees, BMF contributions, purchases from them or their Related Parties, interest or other indebtedness as they may determine in their Reasonable Business Judgment.
The FDD states that no restriction on any check or in any communications accompanying payment will bind Corcoran or its Related Parties. This implies that while Corcoran doesn't mandate a specific payment method, they retain discretion in how they apply payments received and are not bound by any stipulations written on checks or other payment communications.