Yes, this can certainly be done. I have assisted a number of clients with doing this. In order to make sure you have no future issues, you should have this done by a lawyer. The fee should not be all that expensive. Avoiding future problems can be priceless.
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Yes, you can terminate the land contract through voluntary agreement, however, you need to be very careful with the terms of the argeement. Some considerations that need to be considered to protect your parents are: Insuring that title is clear, outstanding tax bills which attach to the property, outstanding water bills which attach to the property, any possible municipal violations, the condition of the property, etc. As a result of the potential for problems, your parents should have a real estate attorney draft the agreement and any other necessary documents (i.e deeds) to insure that your parents are protected.
The information contained herein is for informational purposes only and does not create any type of attorney-client relationship.