factual
When is the remaining balance of the Transfer Fee due for an Extreme Art Studio franchise?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of Fee(1) | Amount | Due Date | Remarks |
|---|---|---|---|
| Transfer Fee | $10,000 per Extreme Art Studio Business, plus cost of any applicable broker fees and training | $1,000 non refundable deposit at time of transfer application submittal and remaining balance when you execute the transfer documents | Payable only in connection with the transfer of each of your Extreme Art Studio Businesses, a transfer of ownership of your legal entity, or the Franchise Agreement. |
Source: Item 6 — OTHER FEES (FDD pages 13–18)
What This Means (2024 FDD)
According to Extreme Art Studio's 2024 Franchise Disclosure Document, a franchisee must pay a transfer fee when transferring ownership of their Extreme Art Studio business, legal entity, or Franchise Agreement. The total transfer fee is $10,000 per Extreme Art Studio Business, in addition to any broker fees and training costs.
A portion of this fee, specifically $1,000, is a non-refundable deposit that must be paid when the transfer application is submitted.
The remaining balance of the transfer fee is due when the franchisee executes the transfer documents. This means the franchisee must have the funds available and ready to pay at the time of finalizing the transfer agreement.
Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only.
It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.