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 ?
It only requires me to be empowered by him to imitate the presence of God in him by living fully, by loving wastefully, and by having the courage to be all that God created me to be.
Every decision--from leaving night lights on to buying those wastefully packaged juice boxes--is weighed: Does the child's happiness override the environmental cost, or should I stick to my eco-ideals no matter what?
You've heard the warnings before, but now you can see hard evidence: Sweeping photos of the destruction of Earth'sf forests; the draining of seas for agriculturalf use; the artificial glow of electric lights, often burning fossil fuels wastefully day and night, while obscuring astronomers' views of the night sky.
57 mins: Vossen slips an inch-perfect angled pass into the path of Albert Adomah, who wastefully fires a first-time shot over the bar.
Villa threatened first on eight minutes as Olivia Fergusson struck the angle of post and bar from 15 yards before Lauren Allison lashed wastefully over from 12 yards for Oxford.
Adam McGurk shot wastefully high in the first half when well placed for the Brewers.
The Robins applied late pressure and James Reid should have levelled only to fire wastefully over the bar at the back post.
A YOUNG footballer's life was wastefully lost after a joyrider "drove like a madman" and crashed, a judge said.
Gervinho fired over with the first shot of the game and lashed wastefully wide following Drogba's superb control and lay-off but the opener finally arrived when Salomon Kalou crossed from the left for Chelsea team-mate Drogba to head home his 51st international goal.
United had the best chance of the opening exchanges but slew fired wastefully wide when free on the left.
Pompey replied immediately with a move that saw David Nugent wastefully hit a post from six yards after Crouch had set him up and it was not long before Traore saw a drive deflected behind for a corner.