As was said earlier, NY is still a buyer beware state and it falls upon the shoulders of the buyer to perform his or her due diligence and have the property fully inspected prior to going into contract. (Or have the contract contingent upon the inspections depending on the customs in whichever part of the state a person is purchasing.)
With regard to flooding, please check the updated FEMA flood maps to determine whether or not flood insurance will be required. Better to find that out sooner than later.
The basic theory in New York real property law is "caveat emptor," meaning, "let the buyer beware." This theory is supported by the well-settled principal that a seller has no duty to speak when the parties deal at arms length; the mere silence on the part of a seller without some act or conduct that amounts to concealment is not actionable.
Therefore, unless a seller takes affirmative action that prevents a buyer from determining the existence of an adverse condition (i.e., painting over a wall that is the subject of constant leaks), a buyer has no recourse against a seller on account of that condition.
In Manhattan, in NYC we sell properties "As Is" The purchaser must rely upon its own investigation, rather than upon the Seller's representations, with respect to the condition of the property. It may differ in other parts of the state.
Having said that, in my opinion it's often best to disclose. Honesty is the best policy. Most likely the buyer will find out any way or eventually.
Best of luck!
The question is a little vague but I would say yes as it would be a material defect and could impact your decision as to whether or not you want to purchase that particular home.
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson