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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 carry existing liens, thus putting the buyer at significant risk. Unlike a warranty deed, which offers guarantees about the title, a quitclaim deed offers no such protection. Common scenarios for quitclaim deeds include divorce settlements, where one spouse transfers their interest to the other, and family property transfers from parents to children. Additionally, they are used when a member of a limited liability company transfers their share of a property.