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:
Two types of deeds are commonly used in the United States -- the warranty deed and the quit claim deed. Warranty deeds provide a guarantee from the grantor that he has the right to transfer the property and that the title is clear of any liens or defects. A quit claim deed doesn't have any guarantees.