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:
General Warranty Deed. In this type of deed, the grantor is guaranteed a marketable title to the property and their right to sell the property comes with no restrictions. Special Warranty Deed. This type of deed will put a limit on the title warranty to any claims through the grantor but no one before the grantor.