Real Estate Law
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It is not necessarily invalid but you are not recognized as the legal owner and therefore a question is raised as to the real owner of interest in the property, that is a "cloud" is on the title. If the deed was recorded it would have prevented another loan being taken out and the use of the property to secure the loan. Unfortunately, without the recording, the parties technically do not have a legal interest the is priority to the lenders interest which was recorded.
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It is the recording dates that control for purposes of the property being used to secure a loan.
Title company would have a claim against the party that committed the fraudulent borrowing of money against the property in which they conveyed to another party before seeking to obtain another loan.