The hull to deck are joined under this black cap. The deck molding includes the side decks and splash well, as well as the cabin and foredeck.
In our 25 there was minimal if any glass in some areas on the top of the transom, but there was resin and the wood core was sealed. There should be a layer of glass--at least one of mat, and I would also want a layer of glass tape. For the most part, you can assume that there was a seal at one time. However, if the hull has worked, it is very possible that there can be cracks into this area. If there are cracks, it may just be gel coat, or there can be water intrusion. If there is no moisture in the transom, and the transom does not flex, when you put your full weight on the lower unit, with the motor trimmed all of the way up in the "trailering" positing--you should be fine and assume that the seal is not compromised. We put the black cap back with black 5200.