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:
Title Insurance and Other Protection. Protection from errors in a property deed are accomplished in two manners. The first is through a guarantee deed which stipulates that any defects in title will be corrected by the property seller at their cost. The second is through the purchase of title insurance.