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Corporate Governance

The standards, customs, and procedures a corporation implements into its business practices to ensure the best interest of its shareholders and customers. In real estate, Corporate Governance is a set of rights, rules, and duties set out by the management of a particular piece of property. Whether it is a homeowners association or an apartment management firm, Corporate Governance is set up to ensure every other individual is able to live together without running into problems. Should a problem arise, the Corporate Governance is designed to dictate a clear set of rules to explain who is correct in the given situation and who must change. In terms of a homeowners association, Corporate Governance might dictate when a lawn needs to be mowed, or how long the grass can become. It might indicate how often a household can water their yard or when work can be done inside of the condo in terms of noise. The Corporate Governance might prevent an individual from running a business out of their home. There are strict rules and guidelines all tenants and owners must follow in order to live in the facility. The same is true when it comes to an apartment complex or building. This way, tenants know what is allowed inside of their apartment and what they can and cannot do. This way, there are fewer disagreements between tenants, which is going to help improve the overall quality of stay for everyone inside of the facility and point out who is in the right and who is in the wrong. Corporate Governance for real estate is all about maintaining specific guidelines and regulations.

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