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:
There are four main types of property deeds , so the first consideration is determining which one should be used for the title transfer : a general or special warranty deed , which protects a buyer from claims against the property ; a quitclaim deed , which is used to transfer ownership from multiple owners to just one of them ; a gift deed , which ...