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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 ?
his abilities to both unearth rare forgotten gems and lay waste to a dancefloor with his exceptional DJ skills have led to his becoming one of the most highly regarded DJs in leftfield dance music today.
The Tomahawk cruise missile type can just as easily carry a nuclear warhead with more than enough power and range to lay waste a city.
Wayne may now be earning pounds 250,000 a week and Coleen may be able to lay waste to the designer boutiques of the north-west of England, but there is no misery that compares to being on holiday with someone you really don't want to be on holiday with.
WE can't control the weather I only wish we could The countless lives that would be saved Like the Pakistanis' flood It's so hard to imagine The loss to life and land How the world can change in seconds By Mother Nature's hand We've seen it all too often In countries far and wide The death and devastation I know that I have cried Tsunamis, volcanoes earthquakes and floods Lay waste to the human race Women, men and children too Just gone without a trace The world can only work as one To aid these troubled places And hope that not too far ahead Smiles return to their faces DAVE THOMPSON, email
In a message in which he quoted from the Harry Potter film, Dr Carey said the power to destroy and lay waste seen on September 11 was not the "final word".
Now, it seems, they are the only defence against bloodthirsty slavering foxes ready to lay waste to the countryside.
In Genesis 9:8-17 God makes a covenant with Noah, his descendents, "and with every living creature," promising that "never again will there be a flood to lay waste the earth." And in Genesis 2:15, humans are placed in the Garden of Eden to "take care" of the rest of creation.