Open papers?

[flightjunkie]

I'm a newbie so excuse the ignorance. I'm about to buy a Rolex and I wanted to know what it means when the buyer says, "open papers". I'm thinking it means that the watch hasn't been registered to anyone, correct? If so, does that mean that I will have to register the watch? What's the benefit of "open papers" vs "non" and does it really matter?

Any assistance would be greatly appreciated.

Thanks