What is the late charge fee for Counselor Realty?
Counselor_Realty Franchise · 2025 FDDAnswer from 2025 FDD Document
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| (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, living and incidental expenses | Payable when billed | See Note J |
| Legal Fees | As incurred | Payable when billed | See Note K |
| (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 tra |
Source: Item 6 — OTHER FEES (FDD pages 9–13)
What This Means (2025 FDD)
According to Counselor Realty's 2025 Franchise Disclosure Document, a franchisee may incur late charges on any amount due to Counselor Realty that is not paid when due. The late charge will be calculated from the date the payment was due until it is paid. The interest rate applied will be 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.
In addition to late charges, the FDD specifies that if Counselor Realty has to commence a suit to collect amounts due from a franchisee, Counselor Realty is entitled to recover its costs, including reasonable attorneys' fees, in addition to its other recoveries. The FDD also states that interest and late payments are not refundable.
It is important to note that failure to pay amounts owing to Counselor Realty constitutes good cause for Counselor Realty to terminate the Franchise Agreement. This highlights the importance of franchisees managing their finances carefully and ensuring timely payments to avoid penalties and potential termination of the franchise agreement.