Changing name in contract before closing

[Kal Paneliya]

Hello,

I am currently in a contract for one real-estate with another partner of mine. The closing is yet to be done. Currently, both of us have signed the contract. However, I want to back off the plan and only my partner wants to continue with this deal. Is it possible to take one name off of the contract? It is an REO property and bank is going to ask for an extension for closing due to pending lien issues with the city. So while they ask for an extension, can we remove one name? How can that be done in the contract?

If I cannot remove my name before closing, can I do it during closing? I don't want my name in the home record for this property. Please advise.

Thanks a lot.