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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 ?
An excited Masigan interjected that their project is also seen to generate some 200 jobs for Filipino engineers and chemical scientists who would operate the Wasteful Inc.'s bio-refinery plant.
But breaking up a road in good condition only to repair it again is wasteful spending, he said.
"Rather than minimize this report or excuse wasteful decisions, I expect all DoD organizations to use this error as a catalyst to bring to light wasteful practices," he wrote.
Flythe first demonstrated that biochanin A could kill wasteful bacteria in the laboratory.
Drawing on research with about 1,000 management and executive students, the authors identify five spending traps--made with money, time, energy, or other resources--that lead to wasteful actions by managers in organizations who are dealing with people problems: recycling old solutions for current problems, investing additional resources into failing projects, avoiding conflict to feel like a team player, communicating too frequently over too many channels, and assuming employees don't need direction.
industry is in the midst of hectic preparations for the Auto Expo, Bajaj Auto managing director Rajiv Bajaj on Monday struck a contrarian note saying it is too expensive to participate in the biennial event and creating expensive concepts entails wasteful expenditure.
A BAN designed to end the "wasteful" practice of throwing dead fish back into the sea is set to cover key stocks such as haddock.
"We call on our parishes, through our bishops and priests, to desist from those practices that aggravate an already-precarious situation, such as the wasteful maintenance of so many, unnecessary vehicles, the irresponsible use of electric power, the wastage of water, even otherwise laudable livelihood efforts that nevertheless pose a threat to the environment, such as the wasteful and destructive use of forest products," Lingayen Dagupan Archbishop Socrates Villegas, CBCP president, said in a statement.
In the latest episode of her fractious relationship with police, Mrs May is also expected to deliver a fresh rebuke against those who complain about cuts and attack wasteful spending.
"In addition to being inefficient and wasteful, an overabundance of artificial light creates a haze around big cities, and causes some to wonder whether there are any stars in the sky at all.
Humans are wasteful creatures, and our food system is a prime example.
CLASSY Tyrone had too much power and panache for a wasteful Donegal who hit 17 wides in the Ulster Minor Championship curtainraiser at Ballybofey.