M_Boats: Hull-deck joint

I am considering buying M17 #325, but the hull-deck joint is cracked all around the boat, including the transom, which shows some repair. The boat has not been used for some years and is in reasonably good shape otherwise. How serious is this cracking? Can it be dealt with by cleaning/grinding and good quality caulking? Or is it evidence of more serious structural problems? I'd appreciate any advice, privately or on the list. Karl Krahnke Ft. Collins, CO krahnke@comcast.net