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 ?
e) Export Surplus of Mango for the year 1991-92: Exportable surplus = production - wastage - industrial usage - consumption.
'In times of water shortage, wastage of clean water could not be allowed at car washing stations at any cost', he added.
The manager said management was supporting clean and green vision of government and putting its efforts to minimize the food wastage and garbage.
You don't lose votes by eliminating wastage and you don't need a national conference to devise a wastage eliminating strategy.
I am confident that together we will make a positive impact on food wastage and hunger.aACA[yen]
The British Beer and Pub Association, which represents pub chains, denied wastage was not accounted for and said it will respond to any inquiry by the ombudsman.
Further, it has called for an awareness campaign on the ban on using hosepipes to wash cars and for the Punjab government to apprise the court regarding measures to conserve water and stop its wastage.
LHC judge Justice S Karim ordered on a case filed by Harun Faroq to conserve water and stop its wastage.
Of interest in the case is the wastage and fraud during the construction of the facility which is supposed to help deliver oil to Uganda and Tanzania.
LAHORE -- Justice Ali Akbar Qureshi of Lahore High Court sought more suggestions to control the wastage of drinking water.