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A quitclaim deed is a document used to transfer ownership of real estate from one person to another. Unlike a warranty deed, which promises clear title, a quitclaim deed makes no guarantees. It is commonly used in cases where the parties trust each other, such as transfers within families or between business partners. It's important to understand the risks involved in using a quitclaim deed, as it does not provide the same level of protection as a warranty deed.