A person in possession of real estate in which another has an interest has the duty not to damage the property and to reasonably maintain and preserve the land, buildings, improvements and fixtures. By the same token, there is a duty to meet needed financial obligations. Failure to fulfill these duties may result in harm to the property that decreases the value, referred to broadly as waste.
Whether an act constitutes waste depends upon the individual circumstances, considering what use of the particular property is intended or appropriate. The legal concept of waste is largely dependant on state law, which can vary some from state to state, but generally the possessor of property has the duty to care for the property as a reasonable person would. Wrongful violation of the duty of care can be either intentional or negligent.
Examples of physical waste may include:
Examples of financial waste may include:
Depreciation in value from the usual day-to-day use of property is not ordinarily considered waste.
Persons having stewardship responsibility of real estate can have several different roles. Such a role usually involves a situation where another party has an interest in the property. Here are some typical examples:
The person to whom the duty of care is owed vis-à-vis a parcel of real estate has legal remedies when the right is violated and the value of the parcel is diminished. Although the remedies may vary by state, usually the harmed individual can sue in court for money damages or for an injunction ordering the person committing waste to stop.
Parties with interests in real estate or those responsible for caring for it can get important guidance and advice from a skilled real estate attorney. Be sure to seek legal counsel if you have an interest you believe has been harmed by someone violating his or her duty to preserve the property. Alternatively, if you have the duty to maintain property, a knowledgeable lawyer can advise you about the extent of your responsibility.
To read and print out a copy of the checklist, please follow the link below.
Your First Appointment With a Real Estate Attorney
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