What is the common law principle regarding seller obligations to disclose defects in commercial property transactions?

In commercial property transactions, the common law principle generally supports a stance where there is no overarching obligation for sellers to disclose defects to buyers. This principle allows parties to negotiate the terms of the sale, including the risks associated with the condition of the property. Essentially, the burden falls on the buyer to perform due diligence and inspect the property before purchase. Sellers are not required to inform potential buyers about every issue affecting the property unless there's statutory law or specific contractual obligations that state otherwise.

In instances where the parties involved have not established an obligation to disclose or if there are no known defects that could mislead a buyer, sellers can rely on this common law position. Nonetheless, this does not absolve sellers from potential liability if they choose to hide or misrepresent known defects intentionally. Therefore, understanding the principle that sellers have no general obligation to disclose defects is crucial for both buyers and sellers during negotiations in commercial transactions.