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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 ?
Despite this good news, at the height of the crisis many Asian contemporaries saw the hedge funds as the financial equivalent of the B-52s that in the past had laid waste to Cambodia and Vietnam.
While miners a century ago laid waste to their surroundings with heedless brutality, they, in turn, could not have imagined the massive scale of mining operations in the 1990s.
Soon, since there are no heirs to the throne, the country falls into civil war and is laid waste.
MANILA -- Three days after Tropical Storm "Mario" (international name: Fung-Wong) laid waste to Metro Manila and the northern parts of Luzon, more than a hundred thousand people are still displaced across eight regions in the country.
WE WROTE: Young couple 'laid waste' to Stockton flat after being given PS200 to decorate it.
Those Scandinavian pillagers who laid waste to our nation more than a millennium ago would be proud to know that their spirit lives on - in the form of sports marketing men.
But they seem to forget Germany started a bloody war that laid waste to Europe.
The explosion left a giant crater and laid waste to dozens of 1960s-era homes in the hills overlooking San Francisco Bay.
IF you missed ITV's Sunday night show in which Michael Ball, Craig David and Pixie Lott laid waste to songs from cartoons, don't watch the repeat.
Kicking off with the skull-crushing Oroborus, Gojira laid waste to the venue with 75 minutes of aural evisceration.
This way, some of the financial grief still felt in many mining towns and villages laid waste by Thatcher would be temporarily alleviated.
About 50,000 people are expected to gather in the city's Peace Park to commemorate the day American planes laid waste to Hiroshima.