What does "waste" refer to in property law?

In property law, "waste" specifically refers to the improper use or neglect of property by a tenant or someone who does not own it, which can lead to a decrease in the property's value. The concept is crucial because it protects the rights of property owners by ensuring that someone in possession of the property, such as a tenant, does not engage in actions that would cause harm or deterioration to the property. This could include neglecting repairs, damaging the property intentionally or through neglect, or making alterations that reduce its value without the owner's consent. The focus is on the relationship between the holder of the property rights and the obligation to maintain it.

The other choices describe different concepts in property law but do not accurately define "waste." Damage from natural disasters does not fall under waste, as it is often beyond the control of the occupants. Loss due to financial issues typically relates to foreclosure or other financial matters, rather than the misuse of the property's physical state. Abandonment refers to the voluntary relinquishment of possession without the intention of returning, which also does not align with the legal definition of waste.