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 deeds, which offer buyers the most protection. In a general warranty deed, the seller makes binding promises called covenants that protect the buyer against any and all claims on the land. It states the seller owns the land free of any liens or other legal burdens, and can sell it.