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In this video, attorney Robert Less discusses the risks of purchasing property through a quitclaim deed. A quitclaim deed transfers only the seller's interest in the property, which may be subject to existing liens, meaning the buyer assumes potential liabilities. This method poses significant risks, as it lacks the protections of a warranty deed. Quitclaim deeds are often utilized in divorce settlements, where one spouse conveys their interest to the other, or when a parent transfers property to their children. Additionally, it can be used when a member of a limited liability company transfers their share of property to another member.
