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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
What utter rubbish you speak, along with every 'expert' on TV and in the papers who has forecast Wolves to go down.
Giovanni insisted the claims were "utter rubbish", adding: "This is total and utter nonsense."
Shearers have taken to social media to express their anger at the post, calling it "ill-informed" and "utter rubbish".
MY wife was complaining that wife was complaining that the TV was utter rubbish. I replied that at least she didn't have to watch the Christmas edition of Doctor Who.
Utter rubbish. The profit will go into the pockets of the private investors.
"The claims are complete and utter rubbish," the Sun quoted Shah, as saying.
Utter rubbish. He has purely based the figures on the success of the Olympics (a one off) and the Queen's Diamond Jubilee (a one off) yet on the same day Ford announced it was getting rid of a huge number of workers.
You really are talking complete and utter rubbish" Reported remark by Miriam, wife of Nick Clegg when the Deputy Prime Minister was discussing the recession at a dinner party "I grew up in Slough in the 1970s.
What utter rubbish, but the comments now possibly suggest that certain readers are indeed unable to digest certain observations made by those who understand and contribute their opinions regarding the politics of today.
MOST of us are often taken aback by some of the utter rubbish written by some of your regular contributors, but the comment that Coventry's bus station is in the wrong place (July 29) and should be relocated to the new development near the railway station takes the prize for this year's biggest load of rubbish so far.
Alice, Bedford Ormonde fascination What utter rubbish by Steve Dennis about the Ormonde Stakes.
Company spokesman James Cooke said: "It is utter rubbish to suggest we are seeking to move out of Kirkby.