How is the late charge for Counselor Realty calculated?
Counselor_Realty Franchise · 2025 FDDAnswer from 2025 FDD Document
| (1) Name of Fee | (2) Amount | (3) Due Date | (4) Remarks |
|---|---|---|---|
| Base Monthly Fee | $371 per month | Payable monthly by the 20th day of the month | See Note A |
| Continuing Agent Fee | $32 to $53 per licensed agent operating from or through your Office | Payable monthly by the 20th day of the month | See Note B |
| (1) | (2) | (3) | (4) |
| Name of Fee | Amount | Due Date | Remarks |
| Late Charges | Lesser of 8% per year or maximum contract rate of interest allowed by law | Payable when billed | See Note H |
| Insufficient Funds/ Return Fees | Amount of the insufficient funds or return fee charged by Counselor's bank | Payable when billed | See Note I |
| Training Fees | $175 per hour, plus all travel |
Source: Item 6 — OTHER FEES (FDD pages 9–13)
What This Means (2025 FDD)
According to Counselor Realty's 2025 Franchise Disclosure Document, late charges are applied to any overdue amounts owed to Counselor Realty. The late fee is calculated as the lesser of 8% per year or the maximum contract rate of interest allowed by law in the state where the Counselor Realty business is operated. This interest accrues from the date the payment was originally due until it is paid in full.
It's important to note that these late payment charges are nonrefundable. Furthermore, failure to pay amounts owed to Counselor Realty can be grounds for termination of the Franchise Agreement, as detailed in Item 17 of the FDD.
In addition to late charges, if any payment made to Counselor Realty is returned for any reason, the franchisee will be responsible for paying an additional fee equivalent to the amount charged by Counselor Realty's bank for the returned payment.