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Seth from REtipster blog explains what a quitclaim deed is, its purpose to transfer real estate ownership, and how it differs from a warranty deed that guarantees clear title. Warranty deeds promise clear ownership without any encumbrances, while quitclaim deeds transfer ownership without any guarantees of title status or encumbrances. The video provides an overview of how to put together a quitclaim deed for those interested in using one.