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If as is common you have the PNP switch problem or one of the others you mention (about 30% of the older Volvos get PNP problems, maybe more), it is not a big deal, but if that is so the "check engine" light should be on and the corresponding code(s) should be stored. You would be able to read them.
If CE light is not on, I would ask if emission controls etc have been modified - as you won't be able to register the car in some jurisdictions.
A friend recently looked at an 850 here (in IL) which had just come from NJ (with an NJ title). Her mechanic found several stored codes but the CE light was NOT on. She asked the owner why this was and he became very angry.
I'd want to inspect the car personally first and do a stall test on the trans.
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