For Remax, what happens if my payment information is not accurate, current, and complete?
Remax Franchise · 2025 FDDAnswer from 2025 FDD Document
You agree to abide by all applicable local, state, national, and international laws and regulations regarding Your use of the Platform. By accessing or using the Platform, You represent that You are at least eighteen (18) years of age (or the legal age of majority, whichever is greater) and will, at all times, provide true, accurate, current, and complete information when uploading, adding, including, storing, or sharing content on or through the Platform.
Source: Item 22 — Contracts (FDD pages 108–334)
What This Means (2025 FDD)
According to Remax's 2025 Franchise Disclosure Document, franchisees must provide true, accurate, current, and complete information when using the Remax platform. While the FDD outlines the user's obligations regarding the platform, it does not explicitly state the consequences of failing to provide accurate payment information within that context. The document does mention potential fees and actions Remax can take if a franchisee fails to make timely payments or submits inaccurate reports generally.
Specifically, if a Remax franchisee fails to complete the necessary documents to authorize automatic debits from their bank account for fees, it may result in a $100 per month processing fee. Additionally, if there are insufficient funds in the franchisee's Electronic Depository Transfer Account (EDTA) to cover owed amounts, Remax can charge a $100 processing fee, require the franchisee to cover administrative expenses, and demand future payments via certified check or other designated methods.
Furthermore, Remax reserves the right to inspect and audit a franchisee's reporting and payment-related materials, especially if there is a belief that activity is occurring that could adversely affect the Remax brand. If an audit reveals an understatement of fees owed exceeding 5% for any 3-month period, or if the audit was necessitated by the franchisee's failure to provide timely and accurate reports, the franchisee must reimburse Remax for the cost of the audit.
Since the FDD does not directly address the consequences of inaccurate payment information specifically on the platform, it would be prudent for a prospective franchisee to seek clarification from Remax regarding this matter. Understanding the specific repercussions for providing inaccurate, non-current, or incomplete payment details on the platform is essential for maintaining compliance and avoiding potential penalties or disruptions in service.