By default, you have 10 days to do the inspection and reply. The seller then has 5 days to respond. You have 2 days from the time they respond to accept, renegotiate and reach a new agreement, or terminate. Gotchas here include 1) you have 2 days from *whenever they respond*, even if it's 5 minutes after you replied; some people think they still have 5 days to come to agreement. That was the case in the old agreement if you picked option 1 (which had inspection options 1 and 2), but the "new" agreement got rid of that. 2) responses have to be in writing. Calling and talking about it doesn't count. 3) if you're in time and can still terminate, remember that terminations have to be faxed to the broker's office; make sure you get a receipt -- technically, emailing it to the agent isn't sufficient. What I do here is fax it with a cover page, to make sure the agent gets it, and to get a fax receipt. Then I fax it again *without* the cover page, so that I have a receipt with the content of the fax reproduced on it (which is stronger evidence of termination than just the cover sheet).
Good luck! These deadlines are critical; one of the primary jobs agents have is being aware of these deadlines and counseling their clients about the consequences.
You should always consult a good real estate attorney which I am not.
Read the contract to be sure you don't have something else going on, but you've probably accepted the property as-is; the original contract stands (with no repairs) unless amended by both parties. You can still terminate the agreement, but are likely to lose your hand money.