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Updated 8 months ago,
Removing Interest of 1 Partner in Raw Land Partnership
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!