Removing Interest of 1 Partner in Raw Land Partnership

[Chrissy Gray]

2 years ago I purchased an acre of land in Arizona with a friend. Their father agreed to pay cash for it and my friend and I are now paying him back over the course of 6 years. All 3 of our names are currently on the title and the agreement was, once the loan is paid in full to his father, he would be removed from the title.

Now my friend is going through a bankruptcy so we want to remove him completely from the land. His lawyer simply said "his father can take steps to "foreclose" on his interest in the property." Does anyone know what the best/quickest/least expensive way to achieve this is? Can we just do a Quitclaim Deed to remove him? Or is some other method more appropriate?

Thank you!

[Jay Hinrichs]

Quote from @Ryan Fox:

@Chrissy Gray- So unfortunately, it's a little more complicated than that.  Your friend's interest in the property / partnership is part of his bankruptcy estate.  He can't simply quitclaim the property to you for no value.  This would essentially be considered defrauding his creditors because the creditors are entitled to the value of all property he owns.  

If you'd like to speak to an attorney about this, I have a referral.  

this is the risk of having Multiple parties in title.. sure would have been better for the Dad to simply sell it to you and take back a recorded DT or Mort   with you and your partner on the Deed.  Next time