Hi DB, the inspection contingency generally gives you the right to have an inspection and request repairs within a certain timeframe, and if the buyer and seller cannot come to an agreement, either party may cancel the contract. You need to talk with your lawyer about the inspection language specific to your contract, because it can be vary and be amended during attorney review.
I think of inspection this way: you have the right to ask, and the seller has the right to respond. You may have a difference of opinion on whether your requests clear the hurtle of structural matters/repairs versus cosmetic requests As other posters have pointed out, you can request a credit in lieu of repairs and try to negotiate on that basis as well.
Just last week I ran into a case where a closing was delayed because the bank did not want to see an inspection credit on the HUD (closing) statement. A reduction in price rather than a credit at closing would hav cured this issue. So ask your lender and attorney about that if you successfully negotiate a credit.
Generally though, if a seller believes that you are trying to renegotiate price rather than negotiate valid repairs or a credit to cover them, the discussion does not go well.
Whatever the case, if you cannot come to an agreement, then you likely can request cancellation.
Good luck to you!
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