When are late charges payable for a Counselor Realty franchise?
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 |
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 practical terms, this means that if a Counselor Realty franchisee fails to make a payment on time, they will incur a late charge. The specific amount of the late charge will depend on the applicable interest rate, but it will not exceed 8% per year or the maximum rate allowed by law. The franchisee will be billed for these late charges and must pay them upon receipt of the bill.
It is important for prospective franchisees to be aware of this policy and to ensure that they have sufficient funds to cover all payments to Counselor Realty in a timely manner. Failure to do so could result in late charges, which can add to the overall cost of operating the franchise. Additionally, the FDD states that failure to pay amounts owing constitutes good cause for Counselor Realty to terminate the Franchise Agreement.