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January 19, 2023
Quitclaim deeds are most commonly used to transfer property between family members or correct a title defect, such as misspelling a name. Although they are widespread and most real estate brokers have dealt with them, they are often utilized in transactions when the parties know each other and are thus more ready to accept the risks associated with a lack of buyer protection. They can also be used when a property is transferred without being sold, i.e., when no money is exchanged.