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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 ?
In contrast to the optimum for equal pressure drops in slot die and waste, a too-low waste pipe pressure drop may even prevent the coating of a homogenous film (see Fig.
To the untrained eye the layout of waste pipes looks a hotch-potch.
Full-size hacksaws come into their own when you need to cut plastic waste pipes or guttering.
Connect the trap and join it to the waste pipe. Finally, connect the water supply.
Insert a piece of wire as far into the waste pipe as possible to clear any blocked material and then reconnect the trap.
We looked all over, but couldn't find them, so we rented a jackhammer to tie in to the main waste pipe below the concrete floor.
Connect the trap to the existing 32mm (1.25in) waste pipe.
It may be a blockage in the outlet pipe or in the waste pipe. Turn off the machine and unscrew the outlet hose from the waste pipe.
Waste disposal units work by grinding food and scraps down into fine particles which are flushed away through normal waste pipe systems.
To make the connection to the waste pipe, he had to cut it open at about eye level.
"At first we couldn't see the cat but we eventually found it with our cameras around 4ft down a waste pipe in the sink.