Scotlanda 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 tenementsin which several owners of individual flats contribute to the factoring of communal areas.
Factors can be found in
solicitors 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 tenants
When dealing with tenants a Scottish Factor's job would include finding, vetting, evicting, and generally dealing with tenants. They would be expected to advertise any vacancies for the property or properties under their charge, and selecting appropriate tenants. Rents and other monies would then be collected by the Factor. After dispensing with necessary expenditures the Factor would pass the remaining monies onto the
Dealing with the property
A Factor could also be expected to deal with home repair, home improvement, cleaning, landscaping and snow removal, to be coordinated with the owner's wishes. Such arrangements may require the Factor to collect rents, 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).
A Factor may arrange for care of animals, planting, growing or harvesting of agricultural products, or managing the orderly removal of other natural products (e.g., timber, gravel, minerals) for sale, use or storage. Where a dwelling (vacation home, second home) is only periodically occupied, the manager might arrange for heightened security monitoring, house-sitting, storage and shipping of goods, and other local sub-contracting necessary to make the property comfortable when the owner is in residence (utilities, systems operating, supplies and staff on hand, etc).
Historical and legal background
On traditional Scottish
feudalestates where the laird(simliar to the English lord of the manor) was still owner and operator a Factor would be employed to manage the main and tenant estates. The Factor's job would include all of the above duties. Having to manage major elements of the business of the estates, collecting rents, selecting and evicting tenants and ensuring the grounds were well maintained. They would have to work closely with the Steward and the Ghillie. The approximate English equivalent of a Factor of this kind is a land agent.
There has been much debate in the
Law Society of Scotland, the Scottish Law Commission, Scottish Parliamentand Scottish Executiveabout the regulation of property Factoring.
Factor (agent)for mercantile and colonial Factors
Property managerfor a general discussion on the background to property management
Solicitorfor an explanation of the role of a solicitor
Propertyfor a general article on propety
* [http://scotland.shelter.org.uk/getadvice/advice_topics/repairs_and_bad_conditions/repairs_and_maintenance_in_common_areas/property_managers_and_factors Shelter's Page on Property Managers and Factors]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Factor — A factor, a Latin word meaning who/which acts may refer to: * Factor (agent), a person who acts for another, notably a mercantile and/or colonial agent * Factor (Scotland), a person or firm managing a Scottish estate * FACTOR, the Foundation to… … Wikipedia
Factor (agent) — Chief factor redirects here. For chief factors in group theory, see Chief series. A factor, from the Latin he who does (from Latin facit, to do, parallel to agent, from Latin agens), is a person who professionally acts as the representative of… … Wikipedia
Scotland during the Roman Empire — encompasses a period of time that is both part of genuine history and of protohistory. It is complicated by the fact that although the Roman Empire influenced every part of Scotland during the period from the arrival of the legions in c. AD 71 to … Wikipedia
factor loco tutoris — in the family law of Scotland, formerly a person appointed to a pupil without a tutor until a tutor could be appointed. The post vanished with the coming into force of the Age of Legal Capacity (Scotland) Act 1991 and the role is now carried… … Law dictionary
Scotland in the modern era — History of Scotland This article is part of a series Chronologicy … Wikipedia
Scotland in the Late Middle Ages — The history of Scotland in the Late Middle Ages might be said to be dominated by the twin themes of crisis and transition. It is a period where the boundaries are set by the death of kings that of Alexander III in 1286 and James IV in 1513, one… … Wikipedia
St Kilda, Scotland — Infobox Scottish island latitude=57.8 longitude= 8.6 GridReference=NF095995 celtic name=Hiort norse name=Possibly Skildir meaning of name= Unknown, possibly Gaelic for westland area= 854.6 ha area rank= highest elevation= Conachair 430 m… … Wikipedia
List of The X Factor finalists (UK series 7) — The seventh UK series of The X Factor was broadcast on ITV between 21 August and 12 December 2010. The final 12 were declared on 3 October 2010. Four wildcards were announced on the first live show of the finals on 9 October 2010, bringing the… … Wikipedia
Constantine II of Scotland — Constantine II King of Alba Reign 900–943 Predecessor Donald II Successor Malcolm I … Wikipedia
Renewable energy in Scotland — The production of renewable energy in Scotland is an issue that has come to the fore in technical, economic, and political terms during the opening years of the 21st century. [See for example: Scottish Executive (2005) Choosing Our Future:… … Wikipedia