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Attorney Robert Less discusses the risks associated with purchasing property via a quitclaim deed in his video. Unlike a warranty deed, a quitclaim deed only transfers the seller's existing interest in the property, which may include any liens. This means the buyer assumes any potential liabilities linked to that property, making it a risky transaction. Quitclaim deeds are commonly used in divorce situations, where one spouse transfers their property interest to the other, and when parents transfer property to their children. They are also applicable when a member of a limited liability company (LLC) transfers their property share to another member.