The purpose of recording a deed is to put the entire world on notice that the ownership of real estate has changed hands. Unrecorded deeds, often referred to as dresser drawer deeds, are invalid in certain states, depending on where the property is located.
Never own real estate, or any other property, jointly with someone other than your spouse. There are unattended consequences that you may not be aware of. For example, the property automatically transfers to the joint owner upon death. Since it is not part of your probate estate, it does not transfer according to your will because. Also, the creditor of a joint owner may take the property or, at a minimum, attach a lien. The joint owner may transfer their share of the property to someone else without you knowing about it. The joint owner may pledge their interest in the property as collateral for a loan without the other owner knowing about it. Finally, if there is a falling out between you and the joint owner, good luck in resolving your ownership interests.