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:
Types of Deeds. Property buyers and investors, as well as their agents and attorneys, must carefully examine the deed presented at closing and being used to convey the property. Even before the closing, the buyer's attorney should negotiate to have the best type of deed, at least from the buyer's point of view. Different types of deeds offer varying levels of protection and assurances to the grantee. There are five common types of deeds used in most real estate transactions: