In a nutshell, redhibition is the right to rescind a sale after the fact due to a hidden defect which would have caused the buyer to either offer a lower price or not make an offer at all. Anything that is included in the property condition disclosure form completed by the seller, is exempt from redhibition as are defects that are readily apparent with a visual inspection. This is why the buyer must inital each page of the disclosure form in conjunction with an offer and thoroughly inspect the property.
If the waiver of redhibition is not used, the seller can be held liable for such defects up to 4 years after the sale even if he was not aware of them at the time of the sale. If a seller fails to disclose a hidden defect that is known to him he can be sued later whether or not redhibition was waived.
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This is a warranty imposed by law in Louisiana. It can be waived, but must expressly be waived by informed consent of the party waiving it, a waiver form is not enough. You must intelligently waive your right to redhibition after informed consent, meaning you voluntarily and intelligently waived it.
When you waive it the above right is waived but other warranty of merchantibility may still apply or warranty agreed to in contract may apply unless all others waived too.
I have not bought a house in Louisiana, therefore am not sure if this is common in all real estate contracts. If left out you are not protected by implied warranty by law. However, your property may still be protected by a warranty agreed to in the real estate contract other than one implied by law. Read carefully or hire attorney to check agreement.