Recently I had a transaction where  the subject (which was previously just a piece of land) was purchased via a quitclaim deed.  For the parties involved, it seemed like the easiest and quickest way to transfer the deed.  Since there was no financing involved, there was no lender to step in and guard against this risky way of deed transference.  It was simple and inexpensive.  However, it just about put the breaks on the resale of the property years down the line when the owner went to sell and a title company was involved.  The original owners had to be tracked down and luckily they were both still alive!  It would have been an expensive mistake, because the piece of land now had a house on it. 

A "Grantee" is the buyer and the "Grantor" is the seller.  With a quitclaim, the grantee has no legal recourse if problems with title turn up (like a long lost and forgotten lien holder emerges from the woodwork).   That is why title company's won't insure it based on a quit claim deed, but will want either a warranty deed or a special warranty deed (as is the case with most foreclosures).  The title company must insure that title is free and clear of all liens.  Your lender won't loan you the money for your house or land without a title policy. 

Many time quitclaims are executed when the property stays in the family, and that might reduce the immediate risk.  Until down the line, when the property is at last sold.  As the country song goes "Daddy won't sell the farm", but I tell you what ...... little Tommy might!  There are also cases in which a seller might execute a warranty deed on the main part of the property and a quitclaim deed on another part of it. This might be the case with properties that border rivers and lakes, where the owner sells underwater land, where it's not particularly clear who owns it.  That said, a quitclaim deed is a deed that in effect says "I'm not warranting What I own, but I'm transferring What I do own to you."  It's a much lesser level of protection than a warranty deed...much riskier and in my opinion....not a good idea.