When are late charges for Counselor Realty payable?
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 travel, living and incidental expenses | Payable when billed | See Note J |
| Legal Fees | As incurred | Payable when billed | See Note K |
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 payable 'when billed.' The late charge is the lesser of 8% per year or the maximum contract rate of interest allowed by law.
In addition to late charges, Counselor Realty also charges interest on any overdue amount from the due date until it is paid. The interest rate is the lower of 8% per year or the maximum contract rate allowed by law in the state where the business operates. The FDD specifies that interest and late payments are nonrefundable.
It is important to note that failure to pay amounts owed to Counselor Realty can be grounds for termination of the Franchise Agreement, as stated in Item 17. Furthermore, if Counselor Realty has to initiate a lawsuit to collect any due amounts, the franchisee is responsible for covering the costs, including reasonable attorney's fees, in addition to the original amount owed.