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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 transfers the owner's interest, which may include existing liens on the property that the buyer would then inherit. This presents significant risks to the buyer. Quitclaim deeds are commonly used in divorce settlements, where one spouse transfers their property interest to the other, or when parents convey property to their children. They are also utilized when members of a limited liability company transfer their shares in a property to other members.
