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:
Warranty deeds provide greater protection than quitclaim deeds, especially for the buyer, and in situations where the buyer and seller do not know each other. Quitclaim deeds tend to be used in gift situations, since the parties have a prior relationship and the âbuyerâ is not paying to receive the property. Warranty deeds put the seller at risk of being sued by the buyerâor by later ownersâif there is a problem with the title.