Factor (Scotland)
Encyclopedia
In Scotland
a factor (or property manager
) is a person or firm charged with superintending or managing properties and estates -- sometimes where the owner or landlord is unable to or uninterested in attending to such details personally, or in tenements in which several owners of individual flats contribute to the factoring of communal areas.
Factors can be found in solicitor
s firms, employed by chartered surveyors, property companies and building firms. Property factoring has a wide range of responsibilities and roles. Typically, a person would encounter a factor when renting property or subcontracting for a building firm.
A factor will often employ the services of a property services company to carry out the duties associated with the upkeep of the property (e.g. garden care, stair cleaning, car parking, etc).
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
a factor (or property manager
Property manager
A property manager or estate manager is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so...
) is a person or firm charged with superintending or managing properties and estates -- sometimes where the owner or landlord is unable to or uninterested in attending to such details personally, or in tenements in which several owners of individual flats contribute to the factoring of communal areas.
Factors can be found in solicitor
Solicitor
Solicitors are lawyers who traditionally deal with any legal matter including conducting proceedings in courts. In the United Kingdom, a few Australian states and the Republic of Ireland, the legal profession is split between solicitors and barristers , and a lawyer will usually only hold one title...
s firms, employed by chartered surveyors, property companies and building firms. Property factoring has a wide range of responsibilities and roles. Typically, a person would encounter a factor when renting property or subcontracting for a building firm.
Dealing with the property
A factor could also be expected to deal with property repair, maintenance, cleaning, landscaping and snow removal, to be coordinated with the Landlords wishes. Such arrangements may require the factor to collect rents, service charges and pay necessary expenses and taxes, making periodic reports to the owner, or the owner may simply delegate specific tasks and deal with others directly.A factor will often employ the services of a property services company to carry out the duties associated with the upkeep of the property (e.g. garden care, stair cleaning, car parking, etc).
See also
- Factor (agent)Factor (agent)A factor, from the Latin "he who does" , is a person who professionally acts as the representative of another individual or other legal entity, historically with his seat at a factory , notably in the following contexts:-Mercantile factor:In a relatively large company, there could be a hierarchy,...
for mercantile and colonial factors - Property managerProperty managerA property manager or estate manager is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so...
for a general discussion on the background to property management - SolicitorSolicitorSolicitors are lawyers who traditionally deal with any legal matter including conducting proceedings in courts. In the United Kingdom, a few Australian states and the Republic of Ireland, the legal profession is split between solicitors and barristers , and a lawyer will usually only hold one title...
for an explanation of the role of a solicitor - PropertyPropertyProperty is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
for a general article on property