Walker Sandford answers the question: What is a Property Factor?
Property management & housing laws vary between Scotland and England.
In Scotland, where a property has more than one owner, such as in tenement blocks or houses divided into flats, and where there are parts of the property that have common ownership, then the title deeds may state that owners have to hire a property manager, otherwise know as a Factor.
So what is a Property Factor exactly?
A Factor takes on the role of superintending a property on behalf of its owners.
It is a role that has a wide range of responsibilities, and contrary to some of the controversial press comments so often levied at factoring firms, when you think about it clearly, you can see that the primary role of a Factor as a property’s manager is to make the life of the owners easier.
What are the benefits of hiring a Factor?
The fact is that a property factor is there to lighten the load of individual owners by taking up the hassle and pressure for dealing with a properties every day management issues.
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