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:
When it comes to a Warranty Deed vs. a Quit Claim Deed, the central difference lies in the guarantees. Under a warranty deed, if it turns out that the property is not what the seller promised or there's an uncleared lien or other block to the title, the buyer can sue the seller and recover damages. But if the property was conveyed through a Quit Claim Deed, the buyer has no remedies.