Bank is offering to transfer ownership before closing - Ok to do??

[Mike V.]

I was scheduled to close on an REO last Friday but couldn't because the one of 10 deeds of trust was not released. Apparently it was left over from the owner before the currently foreclosed owner. Anyway I'm anxious to get going but the bank can't give me a date of when they will get all the proper paperwork (the title company that filed the deed is now out of business). So the bank has offered to transfer ownership immediately and close as soon as the deed is released. What are my liabilities in doing this????
Thanks

[Scott Reed]

On another note. They title company may try to add the prior title issue as an exception in the title policy. Do what you can so that they do not accomplish that.

Good Luck.