What does Warranty shall survive and not merge on completion but apply only to the state of the property at completion of this transaction mean?

The phrase "Warranty shall survive and not merge on completion but apply only to the state of the property at completion of this transaction" means that the warranties related to the property will continue to be valid even after the transaction is finalized, rather than being absorbed or rendered void by the completion. This ensures that any issues or defects present at the time of completion are still covered under the warranty, protecting the buyer from potential problems that may arise post-transaction. Essentially, it guarantees that the buyer has recourse for the property's condition as it was at the time of closing.