Late Charges on Real Estate Loan
In Georgia, on a real estate transaction when the promissory note does not allow for a specific late fee, how do you calculate late charges? Typically, there is a $15.00 stated fee, or 5% of the payment; however, there are times when I have seen a note without a stated late charge. Also, is there a maximum late charge that can be assessed on a loan or on a rental?
Asked on 11/27/07, 10:29 am
1 Answer from Attorneys
Charles W. Field
Charles W. Field, Attorney at Law
Re: Late Charges on Real Estate Loan
A promissory note is a contract. As such, the terms of the document control. If no late charge is stated, none can be collected.
Answered on 11/27/07, 10:58 am
