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:
Unlike a Warranty Deed, a Quit Claim Deed does not provide the new owner with any guarantees or warranties that the seller owns the property or has authority to sell the property, nor does this type of deed guarantee that a buyer is receiving the property free of mortgages.