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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 ?
- Because of its positive effect on the secretion of an anabolic factor known as IGF-1, ThGRF may have a therapeutic effect on catabolic states characterized by a reduction in the ability to synthesize proteins, as well as muscle wasting and cachexia, which often lead to loss of autonomy and death.
In 1981, the first wild animal (an elk) with Chronic Wasting Disease was found in Larimer County, Colorado, near the Foothills facility, and the disease moved out into northeastern Colorado and southeastern Wyoming.
By 2001, the province had twenty-nine game farms under quarantine, and eventually nearly 8,000 elk were slaughtered, with more than 100 testing positive for Chronic Wasting Disease.
"We traced back all the Chronic Wasting Disease exposures to a single elk from South Dakota," says Dr.
The year 2000 also saw Saskatchewan record its first wild deer with Chronic Wasting Disease, followed the next year by two more.
Chronic Wasting Disease was also discovered on game farms in Alberta, Colorado, Kansas, Montana, Nebraska, Oklahoma, and South Dakota from 1997 to 2001.