waste

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Waste

In real estate, a change in a property's value caused by a lessee or another person who has possession but no ownership rights. Waste usually results in a reduction in the property value, for which the owner ordinarily is entitled compensation. Waste may be positive or negative; positive waste results from the possessor's act, while negative waste results from his/her omission. An example of the former is destroying the floor with a sledge hammer, while an example of the latter is neglecting a termite infestation for so long that the floor collapses.

waste

An abusive or destructive use of property by someone who is entitled to possession but who does not have complete ownership rights, such as a tenant, mortgage borrower, or a joint owner.Waste is more than normal wear and tear and implies neglect or misconduct. Contrast with trespass, which is damage by one who is not entitled to possession.There are three types of waste:

1. Voluntary waste (also called affirmative waste) is an intentional change to property resulting in damage to the property.

2. Permissive waste (also called negligent waste) is a failure to maintain property, so that it deteriorates in value.

3. Ameliorative waste occurs when the changes increase the value of the property. In some jurisdictions, a court will still award damages because the owner is entitled to have its property remain in the same condition, without being subjected to others' opinions regarding whether it was improved or not. Other jurisdictions refuse to allow damages, finding that the owner has been benefited by the actions.

References in periodicals archive ?
Christine, said: "As an eco-friendly person, I hate to think of any product going to waste, especially such valuable symbols of English heritage.
But I'm not paid to be funny, so I'm not going to waste any effort trying to make it.
It makes me cry to think of such an incredible offer going to waste.
Tell people that their money is definitely not going to waste," Bradley says candidly.
The supporters paid good money to go to Moldova but If they're going to waste their money by coming to shout abuse they must have a lot to waste.
We're just not going to waste our time looking for more until the government changes its approach.
Geoff Armstrong, director general of the Institute of Personnel and Development, which is staging today's conference, said: "Talent is going to waste that could be generating wealth, employment and economic growth.