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:
Here are the most common types of property deeds and how they are typically used: Warranty deed: a warranty deed transfers ownership and provides additional promises, including that the transferring party has good title (in other words, the property is free of liens and claims of ownership).