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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 ?
Chief Ofoekwe hinted that their business boasts commerce and industry in the state and nation through their ability in converting waste papers to economic value, he appealed to the government of Anambra State to remember them and encourage them as one care of the industries in the state.
The aim of this research is to develop the cement replacement material from waste paper sludge collected from paper pulp industries Kotri, Hyderabad, Sindh, Pakistan.
The scientists say that using a well-tested fermentation method and a novel cocktail of efficient and cheap chemical enzymes, their system could be scaled up to the size of existing industrial processing plants and be used to convert 2000 tonnes of waste paper per day into biofuels.
Introduce legislation to enforce minimum contents of waste paper recycling.
For all the waste paper they collected and sold, the Brownies, from Stamfordham, helped to raise vital cash towards the renovation of the village hall.
According to the report, Chambersburg Waste Paper Co.
It claims that waste paper is already "commonly used as the cheapest raw material in the paper industry" and that the increasing interest in, and collection of, waste paper suggests that the scheme's targets could be met without recourse to state aid.
The Government insists the aim of the handout is to increase the rate of waste paper recycling in line with EU waste management policy.
The MX600 baler produces mill sized bales of cardboard, which are then taken away by a waste paper processor in return for extra revenue.
Each week, Rachel comes up with a great idea for making the most of your home and this week she's talking rubbish - literally, because this stylish waste- paper bin is made of waste paper itself.
"At the moment the market for waste paper is low so we have to pay for it to be taken away."
Tree-free paper doesn't, and shouldn't, replace post-consumer waste paper. As Steve Baker of the GreenLine Paper Company puts it, "The recovery of post-consumer paper remains our most important challenge." But most tree-free papers are, in any case, a blend of natural fibers and post-consumer waste.