My question involves real estate located in the State of: California
I am currently involved in buying some property with the help of a family member. They asked for me to sign a quitclaim deed as well as grant them power of attorney so that they could manage the property for me.
I am too busy to deal with the property, so I will be letting them manage it completely.
I would not, however, like to sign a quitclaim deed with them, as I feel this grants them far too much power. To be honest I do not trust this person fully.
The situation is like this. They helped me with a loan in order to buy the house, and the plan was to pay them back once I received a certain sum of money in 2010.
Among the reasons they gave for wanting a quitclaim deed was that fact that I could simply keep the property without reimbursing them for the loan.
So I have two questions:
1) Would granting them power of attorney would allow them to grant themselves ownership of the property or sign a quitclaim agreement on my behalf?
2) Is there a more elegant legal agreement we could enter that would appease their fears of my simply keeping the property without reimbursing them, while not subjecting me to their whims?