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 ?
They're in the business of waste disposal after all, and are expected to know what they are talking about.
A cost analysis performed by independent nuclear consultant Ian Jackson has revealed that waste disposal costs in the yet to be built underground repository could be as much as 820 million [pounds sterling] per reactor, "killing the prospects of any new nuclear build programme in Britain," said Jackson.
There are many ways of combining waste disposal with energy recovery.
In a bid to encourage local municipalities to refurbish their waste disposal facilities, the ministry plans to provide municipalities that newly set up waste power generation facilities with subsidies to cover one-third of their costs, according to the officials.
"We have no guarantees that their collaboration will be any cheaper and worse still, Caerphilly is likely to miss EU targets on waste disposal in the next few years.
According to the Commission, Finland has failed to fully meet its obligations under a directive concerning vessel waste disposal.
Two companies, Shanks and the Waste Recycling Group Ltd, submitted detailed bids to win the 25-year county council waste disposal deal.
From 1940-1987, A included its waste disposal costs in computing its costs of goods sold for both financial accounting and Federal income tax purposes.
Waste disposal, the Times decreed, was an "unlikely industry" for productivity improvements.
This project aims to reduce greenhouse effect gas by recovering and burning methane gas at Caieiras waste disposal site by ESSENCIS SOLUCOES AMBIENTAIS S.A.
promise to help companies in the food and drink sector cut waste disposal costs, win points for environmental awareness and make significant savings on fuel bills.

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