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An unrecorded deed is a legitimate deed between grantor and grantee just like a regular one with the exception that it is not recorded at the public office.
While it is not necessary to have official records for transfer of title, problems for landowners on unrecorded deeds can potentially face problems in the future should there be claims against the property.
These problems related to issues with third party claimants who are owed money and wants a piece of the pie should the borrower face financial catastrophe.
A failure to record a deed can also open up an owner to fraud.
For example, someone might try to sell the property to another party who cannot find the deed records at the public office.
Unless for very specific reasons, the best practice is to record the deed with the public office.
This protects a buyer from legal problems created by unscrupulous people in the future.