How can I arrange to be paid for selling my interest in the property after co-borrowing?

Get a lawyer.

There are several different possibilities for you. If there is a loan on the property, you will want to make sure you do not remain on the loan once your name is removed from title... Solution? Have the other party refinance. If they cannot, then you should take a look at having a legal document prepared that effectively converts your interest in the property to a lien against the property with payment provisions. An example would be a sales agreement whereby you agree to the sale in exchange for a note secured with a deed of trust (or other lien for your specific state). The note would spell out payment terms. If the buyer fails to live up to the payment plan, then you would have the right as any other lender to foreclose to recover the property. You will need an attorney with real estate experience to protect yourself. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nicely done, Bert. I will suggest the same as Bert.My guess is that you are interested in not being responsible for the Note. The only ways to do that is/are for the other party(ies) to refinance in their name(s) or sell the property as mentioned in the other comments.

Attorney!! I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I think you are asking two different things. You may be able to sell your interest in the property but that is different from being released from obligation on the mortgage where you have been one of the borrowers. There really isn't any way to be released from the mortgage without paying it off through sale or refinance. You would not want to sell your interest in the property without also getting a release of liability for the mortgage.

I agree the other borrower can do a cash out refinance in his name only and you will be off the mortgage and they can pay you your interest.