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:
Non-warranty deeds offer no protection to the buyer. The deed to a property is a document that completes the transfer of property ownership from one party to another. There are two main types of deeds used for real estate transactions, warranty deeds and non-warranty deeds. Non-warranty deeds are also known as quitclaim deeds. The function of these deeds is the same, but there are legal differences that protect the buyer, or the grantee.