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  1. #1

    Default What Abilities Would Power of Attorney Grant My Family Member in Regards to Property

    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?

  2. #2
    Join Date
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    Default Re: What Abilities Would Power of Attorney Grant My Family Member in Regards to Prope

    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.
    that's thinking. A QC deed gives all your interest to whomever you deed it to. You would no longer own the property.



    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.
    like I said, if you QC the property to them, it is no longer your property.

    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?
    in some situations, yes. A POA can be written to allow or not allow any specific action.


    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?
    you need to sit down with an attorney that deals with real estate so they can look at what you intend to do, both as in maintaining the property as a secured interest by the other party as well as allowing the other party to manage the property yet not remove your rights or interest in the property.

    You have 2 things going on here and it sounds like you are quite ignorant of how easily you can be removed from ownership of the property. You really need an attorney to advise you so as to protect your interests.

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