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:
The vendor's lien is for the benefit of the third party lender against the buyer of the home. A general warranty deed with vendor's lien is the standard deed type for selling a house where the buyer is using bank financing. The vendor's lien is for the benefit of the third party lender against the buyer of the home.