Required disclosures.

[flippinout]

There are required disclosures that you must make when selling a house.

it is illegal to fraudulently conceal major physical defects in your property such as a basement that floods in heavy rains.

Other disclosures include: Lead based paint. This is an issue in homes that were built before 1978 and if you dont warn a buyer of this possibility, you may be sued for compensation for any damages that may incur.

If there is a possibility of flooding, that needs to be disclosed to the buyer.

Disclosures are for your protection, and must be made to the buyer.

[flip_it_fast]

Could you imagine buying a house and a few months down the road the entire basement (that you put a lot of money into finishing) fills up with water and you come to know that it has happened before! How upsetting is that!

You have to disclose everything. It's the right thing to do.