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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 ?
When the murder is discovered, Johan initially runs away, paranoid and nervous that he is being watched even when he is alone in his room: "Not a man, but a wastepaper basket ...
For example, typing 65 words per minute may be an essential function for a secretary while emptying the wastepaper basket would be a marginal function.
When Henman closes in he looks more like an accountant pretending to be a pirate, a letter-opener in his hand and a wastepaper basket on his head.
Drunkard Robert Long, 37, was seen setting light to a wastepaper basket by one of the survivors.
The religious attitudes of those who dressed Whoppi in a habit are little different from those who gave you Jesus-the-voyeur in the Last Temptation of Christ; supplied an entire cast of degenerate Catholic misfits in Priest; presented a young novice in Agnes of God who strangles her baby and dumps it in a convent wastepaper basket.
During the search, the investigators examined every room of the house and recovered three important items of evidence: a pistol found in a chest of drawers, a torn note found in a bathroom wastepaper basket, and a suicide note tucked inside a Christmas card on top of a chest of drawers.
This is the sort of imaginative approach which really justifies this book, and it ought to have tutors who still teach Johnson from their undergraduate notes reaching for the wastepaper basket.
I then returned to my office to get a tissue, went back to the playground to retrieve the condom, and, without thinking, dumped it in my wastepaper basket. There it sat the rest of the day, in plain view of everyone.
As Peter Elbow says, "Garbage in your head will poison you, but garbage on paper can safely be put in the wastepaper basket."[2]
Smokey's broadcast voice was that of a Washington, DC, radio personality, Jackson Weaver, who spoke into an empty wastepaper basket to achieve a properly authoritarian and patriarchal effect.
Toth, who seems to have been--to put it charitably--a most amazing chump, threw this note into a wastepaper basket, whence it was retrieved by someone Nelson (who served a tour in Moscow as a correspondent) calls "a drunken janitor" known as Mashina Sasha, or Masha's Sasha, after his wife.
But back to animals: "I think a mouse was here before us," said Cathy, inspecting nibblings in the wastepaper basket by the door.