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:
In the State of Alabama, the three most common types of deeds used to convey real property are: 1) general warranty deed. 2) statutory warranty deed. 3) quitclaim deed. The general warranty deed gives the purchaser the most complete warranty of title a seller can provide. A statutory warranty deed provides a more narrow warranty to the purchaser. A statutory warranty deed in effect warrants only that the title to the real property has not been affected while the seller owned the real property. A quitclaim deed passes only the interest in the real property owned by the seller. A quitclaim deed does not offer the purchaser any warranty of title.