Should I file the Deed, or wait, for some reason..?

[Mark Lamb]

I purchase a property recently subject-to, and got the deed to the property.  I'm planning to hold it long term. 

Though I have the deed, I'm wondering if I should go ahead and 'file it' with the county.  I haven't cured the default on the mortgage yet (it was 6 months behind, and in default).  

I have considered just wholesaling the property as well.  

Are there reasons I would NOT want to file the deed?  My thought is that having too many properties in my name could be a problem.  And/or that having the property change hands too rapidly (I file the deed in my name, then sell it soon after) could create various kinds of problems.

Also if I file the deed, then need to Quit Claim the property back to the seller, could that create weird title issues that creates a liability for myself and/or the original seller?

Thank you very much for your help!

[Peter Walther]

I don't mean to be condescending here, but based on your question I think you're probably not ready to be purchasing property.  It appears you don't have a basic understanding of the laws regarding conveyancing and how the priority of interests is established.  You don't mention what state the property is in, but generally, if your deed is not properly recorded, your interest, whatever it may be, may be subject to being subordinated to any interest which is created after your deed.  I'm not referring to the existing mortgage you took subject to, but one made by your seller after he gave you your deed or subject to any deed he gave to another buyer after yours.  It might also be subject to any suit involving the property or any judgment against your seller.  Also, I hope you're not holding your breath waiting for a payoff, generally a lender will only deal with the borrower or his legal representative.