Legal Question in Real Estate Law in Georgia

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.

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Answered on 11/27/07, 10:58 am


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