If your parents want to give up their rights to the property -- usually this can be accomplished via quit claim deed. But that doesn't relieve them from their obligations to pay off the loan to the bank as long as the loan is in their name.
If you say that the property may be sold for more than the balance of the loan, and if neither you nor your parents want to keep the property, then go ahead and sell it on the open market.
But if you want to keep it, get yourself preapproved for a loan, and buy out your parents, assuming that the new purchase price and loan are enough to payoff your parents' loan. That may be the simplest thing to do.
The deed doesn't address borrowers. It only shows ownership. It's the note or mortgage that shows who the borrowers are.
You say you're not on the loan. So I'm guessing you're a co-owner. And you say your parents want to give you complete ownership.
That's easy. Any real estate lawyer can help you.
However, please check with an accountant. There are all sorts of tax implications as well. There are a number of different ways to handle it (I'm not a lawyer, but the options range from a quit claim deed to the use of a trust), each with different tax implications for you and your parents.
Hope that helps.
Also, the goal is to sell the property in a year or two.
What I think you are saying is that you are on the deed with your parents but not on the loan.
Do not make any changes until you have gotten your modification approved. Making a change in title will only cause confusion. If you are not on the loan, it is not your loan that is being modified and having your parents transfer full ownership to you does not relieve them from the burden of responsibility for the loan. You may be making the payments but it is your parentâ€™s loan.