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

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.

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 ?
Roxas,Isabela - Farmers here have realized over the weekend that a daring decision to switch from manual labor to mechanized harvesters - or reapers - may have saved precious harvest that would have otherwise been laid to waste by Typhoon Luis.
Its powerful winds and heavy rainfall caused floods the resulted in the widespread destruction of houses and other structures in the area, as huge tracts of banana plantations the region's economic backbone were laid to waste.
Steve Dub in Carmarthen In simpler times the arrival of autumn was a joyous event, full of mellow fruits and furniture sales, but all that has been laid to waste by rolling news coverage of annual jamborees filled with pass-wielding politics enthusiasts half-heartedly applauding trade union delegates or, even worse, teenage activists having their five minutes in the spotlight.
World War Two saw western Europe laid to waste (20 million Russian dead), western Europe enslaved for five long years, and six million defenceless civilians, even innocent little children, methodically murdered in gas chambers by the Germans.
The next two years were laid to waste by a career threatening torn Achilles.
PARIS: Rafael Nadal s world laid to waste last year and now Roger Federer ruthlessly put to the sword, Sweden s Robin Soderling is clearly the undisputed champion-slayer of Roland Garros.
On Saturday, Hobo Exile Hotel, Laid To Waste, The Rrrrrs and Russian Girlfriend will compete against each other.
It seems that a return to the gym after a mere one-year hiatus is imperative, for the name of the game is major damage limitation and pre-emption, as from this point on its all about ones' body being slowly laid to waste, before the rapid downhill slide to be expected in 10 years and inevitable freefall in 20 years time.By early 30s a heavyweight boxer is considered to be at his prime but by mid-late 30s he is considered over-the-hill, which in fact could be applied to man in general, for this is the clinching decade, the make it or break it moment; this is the decade of fine lines of distinction, between youthfulness and early midlife crises and between success and washed-up obscurity.
The 10th-ranked Bears, armed with the nation's best offense and a flair for scoring points not far behind, laid to waste an OSU defense like no Cal team had done since a 42-0 shredding in Berkeley, Calif., a dozen years ago.
Even the old colliery buildings have been laid to waste, grassed over and replaced by supermarkets and rugby pitches.
In early May, nearly four hundred tornadoes, as well as numerous hailstorms and fierce winds laid to waste entire towns across the central United States.
"A lot has been invested in putting in place the present structure and we will ensure this will not be laid to waste when we appoint a successor."