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In this video, attorney Robert Less discusses the risks involved in 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 that the buyer inherits, presenting a significant risk. Unlike warranty deeds, which offer more protection, quitclaim deeds are commonly used in situations such as divorce, where one spouse transfers their interest to the other, or when parents pass property to their children. They are also used among members of a limited liability company transferring property shares.