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In this video, attorney Robert Less discusses the risks associated with purchasing property via a quitclaim deed. He explains that a quitclaim deed transfers only the seller's interest in the property, which may be subject to existing liens, placing the buyer at significant risk. Unlike a warranty deed, a quitclaim deed does not provide any guarantees regarding the title's validity. Common scenarios for using quitclaim deeds include divorce settlements, where one spouse transfers their interest to the other, and property transfers from parents to children. They are also used within limited liability companies for transferring ownership shares among members.