Used to work for Geek Squad. The condition will be new/like new. Anything less than that can't be sold as open box. Warranty functions as if you were buying the product new, so you will have a full year, unless your purcahsed applecare or best buys protection plan. Can't really speak to the square trade question. Hope this helps.
I just bought an iPad Pro 12.9" 256GB Geek Squad Certified Open Box in Dec 22, 2018. Here is what I found when received it:
- the box looked old, dirty and used. The plastic wrapper around the iPad was some shopping plastic bag, not the original one. Other accessories were not wrapped and looked used
- checking with Apple support showed that
+ the original buy date was 3 months ago, around Aug. 2018
+ Phone support: EXPIRED
+ Warranty estimated expiry date: Aug. 18 2019. So, the manufacture warranty is only 8 months instead of the full one year.
+ I ran some battery health app and it said Wear level of 35%. Very high!