What happens if you do not get your deed until five months after closing would the property still be legal?

A deed transfers ownership as soon as it is recorded in the land records, usually on the date of the closing. Some land record offices take a long time to return the original recorded documents to the new owner but the recording date is the operative factor.

It depends on whether you mean you received the deed (delivery of the deed) from the grantor or seller, or if you received it from the county clerk or recording office 5 mos after the closing. In what are called "race-notice" states, (NY is one, for example), the deed is effective when recorded, so the fact that you received it in the mail five mos later doesn't affect your title to the property. If you didn't receive it from the seller or it didn't get recorded till five mos. after your closing, you didn't own the property until the deed was delivered and recorded. If you do not receive a deed until five months after closing, it does not mean ownership hasn't been changed or recorded properly title insurance ensures your interest as well as the lenders. Check with your local recording division or your title company as their attorney(s) should see to it all documents are handled accordingly.