A durable power of attorney (POA) enables your elderly parent (called the principal in the power of attorney document) to appoint an agent, such as a trusted relative or friend, to handle specific health, legal and financial responsibilities. There are two types of power of attorney:
Deeds are also categorized based on the type of title warranties provided by the grantor. The general warranty deed, for example, provides the highest level of protection to the buyer. The quitclaim deed, on the other hand, typically provides the least buyer protection. The different types of deeds include:
A warranty deed offers homebuyers very specific protections. Buying a home is often the most expensive purchase a person makes in his lifetime. Because it is such a major sale, it is regulated by the government. Part of the regulations for buying property include defining with as little ambiguity as possible who actually owns it, and if there are multiple owners, what interest amount in the property each party owns.