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:
A warranty deed is the most common type of deed used in most purchase and sale transactions. It offers the best protection for the grantee because it guarantees that the title is good and marketable. The grantor promises the grantee that the grantor will defend the grantee from any all claims made by third parties.