Looking to purchase 1973 Terry...Newbie questions

For all we know this may be a great buy. That old, it may already have been restored or repaired to a great extent.

In other words, we'd need to know a LOT more before giving any advice whatsoever. A lot more about the trailer and a lot more about the tow vehicle.

In general though, yeah, that's an old trailer with lots of potential issues. A lot will also depend on your intended usage.