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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 ?
They know that illegal drugs waste away lives, dysfunctionalize families, and ruin relationships.
When levels of IMPL2 rise, fat, muscle and other tissues can no longer consume sugar and begin to waste away. Lowering IMPL2 levels reduces the amount of wasting, both groups found.
Thanks to these new facilities, we now divert over 95% of our waste away from landfill and, instead, put it to good use - either by recycling it into new products and compost or treating it to produce electricity."
I had a new kitchen fitted, rang up and they took half of my waste away.
Waste Away Skip Hire in Bootle and the Volunteer Arms in Southport are the latest firms to be publicly exposed for "deliberately providing inaccurate documents" or VAT returns that meant they didn''t pay the full amount of tax they owed.
The Co-operative's waste back-haul project helps divert all food store waste away from landfill whilst also radically reducing road miles and operating costs.
Councillor Margaret Jones, executive member for the environment, said: "Home composting uses garden waste as a resource, and helps keep green waste away from landfill.
Shelley English abandoned the five-year-old bay in a field in Stewarton, Ayrshire, and left it to waste away over two months.
The plant, in diverting thousands of tonnes of waste away from landfill and generating enough green energy to power 37,000 homes a year, will bring massive benefits.
In case you aren't one of the 30million people who already use it, this is a so-called "social networking" site on the internet, which allows you to keep up with friends, swap messages, pictures and music, join groups of like-minded people and generally waste away hours of your boss's time.
WasteStar extracts waste away quickly and hygienically from the dishwash food scrapping area and from the food preparation area.
"It is also important to divert green waste away from landfill sites as this can be damaging to the environment and is a major source of methane gas, a greenhouse gas thought to contribute to climate change, if it is left to decompose in this way."

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