Just keep a few things in mind with an agreement.
- You still own 1/3 of the property and will have to report the disposition of your third on your tax return when ever the property is sold or otherwise disposed of.
- I can't speak for how tenant/landlord laws work in another country. But should a tenant have cause to sue, you would not be exempt from being a named target in any legal action. This would include any potential legal action for debts due such as utilities, insurance, property taxes, mortgage payments, etc should the other owners stop paying them.
Upon seeking legal advice on this (which I assume you would do) you need to bring these things up.
Overall, since you have no desire to be involved with this property and are not seeking any gain from it as a rental, it makes no sense to have any ownership in it. I would advise you do what's called a "quit claim" on the property giving all your rights of ownership to the other owner(s), wash your hands of it, and be done with it once and for all.
