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:
There are benefits to the buyer of using a Bond For Deed transaction. No lender approval is required and no need for an appraisal. The ability to buy any property because everyone qualifies as long as the seller agrees to sell the property using a Bond For Deed.