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In this video, attorney Robert Less discusses the risks associated with purchasing property through a quitclaim deed. Unlike a warranty deed, a quitclaim deed only conveys the interest the seller has, which may be subject to existing liens or claims. This means that buyers assume significant risks when taking title via a quitclaim deed. Such deeds are commonly used in divorce situations, where one spouse transfers property interest to the other, or when parents transfer property to their children. They can also apply when a member of a limited liability company transfers their share of property to another member.
