The Property Factors (Scotland) Act 2011 aims to protect homeowners by providing minimum standards for property factors. It will apply to all residential property and land managers whether they are private sector businesses, local authorities or housing associations. All provisions of the Act will come into force by 1 October 2012.
The act has three main parts:
- It creates a compulsory register for property factors;
- A Code of Conduct outlining minimum standards of practice for factors; and
- A new statutory dispute resolution mechanism, to be known as the Homeowner Housing Panel.