It is illegal to conceal major defects in your property to potential buyers. As a result the seller needs to take a proactive role in disclosing problems that could affect the property's value. In general the seller is required to disclose information about the home that they have personal knowledge about. If you are in doubt about whether or not to disclose information, you should always do so in order to avoid the potential for liability later on. If you do not disclose information you knew about you could have legal problems later and pay for damages suffered by the buyer.
Some sellers hire a general contractor to inspect their property and write a report. This can be useful for pricing your house and negotiating with buyers. Just because you disclose a problem to buyers does not mean you need to fix it, it can be a negotiating point in the sale of the real estate.
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