The current property would be viewed as being owned by me outright with no mortgage since there would be no lien holder on the title, correct?

It is titled Stahl et al v.

If the property can't close in December, what steps must I take to get my EMD back from the title company?

Now we have to think of a title for those who’ve been doing it decades before you. 

(TL;DR version: wholesaler from NYC got a property in Mississippi under contract, then ended up helping a scammer with a fake title company steal $10k earnest money from a buyer (according to what was written in the thread of course, I have no firsthand knowledge of what occurred).

Btw, my understanding is that LLCs with only spouses as members don’t give you protection, so maybe you just avoid LLCs altogether, hold title under trusts for anonymity and just bulk up your personal umbrella.

You mention going on title and taking over the loan - is there an existing mortgage?

Title is in her name. 

Now I sell for $50,000 thru a title company. 

There were several issues with title and it was obvious they wanted to get quick cash.