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In this video, attorney Robert Less discusses the risks associated with purchasing property through a quitclaim deed. He explains that a quitclaim deed conveys only the seller's interest in the property, unlike a warranty deed, which offers more protection. This means the buyer assumes any existing liens on the property, posing a significant risk. Quitclaim deeds are commonly used in situations such as divorce, where one spouse transfers property interest to the other, or when parents pass property to their children. They can also be utilized when a member of a limited liability company transfers their share of a property to another member.