Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you.

This might include: homeowners association dues; whether or not work done on the house meets local building codes and permit requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night or poor TV reception; any death within three years on the property; and any restrictions on the use of the property, such as zoning ordinances or association rules.  It is also wise to disclose previous repairs even when they do not present a current problem.

It is wise to check your state's disclosure rules prior to a home purchase or sale.  Your Realtor should be able to explain your responsibility.

Remember it is always less expensive to loose a sale than a law suite!