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:
A Grant Deed is the most popular deed when buying or selling property when you don't know the buyer or seller. It not only ensures a legal transfer of title, but the Grant Deed includes warranties. As a seller, the Grant Deed makes two warranties to the buyer. First, it guarantees that the property has not been sold to someone else. Second, it guarantees that the property is free of your debt, or other liens, or you've informed the buyer of the attached debt.