Can anyone expalin this to me please ?

Can anyone explain me this section :
Please assume that this is NOT been signed by any party during the time of SALE. what is its implications.
“WARNING TO THE BUYER
“A valid certificate of compliance was submitted to the
Department of Motor Vehicles with an application for the
renewal of registration of this vehicle. If an application for
transfer is submitted to the department within the 90-day
validity period of the smog certification, no new smog
certification will be required. However, at present, you may
be purchasing a vehicle that may not be in compliance with
specified emission standards.
“By signing this statement, you acknowledge that the
seller is not required to provide you with an additional
certificate of compliance prior to the completion of this
transaction.
“You may have this vehicle tested at a licensed smog check
station prior to completion of this transaction to verify
compliance. If the vehicle passes the test, you shall be
responsible for the costs of the test. If the vehicle fails the
test, the seller is obligated to reimburse you the cost of having
the vehicle tested and, without expense to you, must have the
vehicle repaired to comply with specified emission standards
prior to completion of this transaction.
______________________________ _______________________
(Transferor) (Date)
______________________________ _______________________
(Transferee) (Date)”
Amended Sec. 2, Ch. 127, Stats. 2002. Effective January 1, 2003.
Amended Sec. 7, Ch. 650, Stats. 2004. Effective January 1, 2005.