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:
This document offers buyers more protection than a quitclaim deed, which makes no warranties that the grantor actually owns the property, nor does it guarantee that the seller has the legal right to sell. Therefore, special warranty deeds are better than a quitclaim document, but not as secure as general warranty deeds.