deciding to sell with 2 other part owners

[wiserbud23]

I live outside the U.S. (Alberta,Canada) and I realize that the rules might be a little different from the 2 countries but I am involved in a mortgage where my wife's friend's father bought a house through an assumable mortgage where he put down $60K to take over the property which elimates the need to be approved by the bank which didn't matter too much to him.
He basically purchased this home as an investment for him and the chance for his daughter to be responsible. She didn't want to live on her own so she asked us and our 2 kids to move in as well. We obliged as long as we were on title with her and her father. He owns 40%, we own 30% and his daughter owns 30%; 3 names on the land title. Her father does not pay for any of the mortgage and we split the mortgage cost, bills, taxes, etc with his daughter that lives with us.
She has decided to move out with her boyfriend which puts us into a dilema; should we make her a deal to have her off the mortgage and re-qualify with her dad, do we decide to sell after only 1 year( currently its a buyers market), and if we do sell, are we entitled to 30% of the entire sale of the house even though we didn't put down any money rather than the mortgage?
On the title, after it reads each individuals' names it says" as to an undivided 30% interest. does that mean that he gets his $60k off the bat and another 40% of the interest? we never owned a house before and this was a great opportunity to jump aboard but we want to make the right decision. Any thoughts?

[FlyingRon]

US Law Only

[wiserbud23]

does that mean that my question would not apply in the states?

[Some Random Guy]

Yes, each country and state has their own laws. Contact a canadian forum to find people familiar with canadian property law and tax law.