yes, the latex paint does get sucked into the cement, and will 'seal' the cement to an extent, but it will not completely waterproof the structure, and thus a sealer would be needed- at least for the areas which are constantly in contact/exposed to water.

In areas not exposed to direct contact with standing(the basin) or running water(the pathway of the waterfall), the latex paint itself is all you need.

I hope this helps a bit, good luck! Make sure you post some photos of the completed project. Cheers,

Bob
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Treemonitors.com

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