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 offer better protection for buyers than special warranty deeds. Warranty deeds are the best, highest buyer protection ownership transfer documents that exist. However, there are some dramatic differences between a general and special warranty deed. In an arm's length purchase and sale of residential property with a mortgage loan, a general warranty deed is usually the only accepted option.