Knob and Tube Wiring Issue- Who Pays Buyer or Seller?

[Mark Bertoni]

New to bigger pockets! I'm currently under contract to purchase a brownstone building in Jersey City, New Jersey. I just had the inspection and the inspector said the building has knob and tube wiring. Apparently it's hard to get insurance with this type of wiring. Should the seller be responsible for updating the wiring? Anyone have an idea how much this would cost "ballpark number". Also does anyone have any recommendations for an electrician in Hoboken or Jersey City. Has anyone ever encountered this issue when buying a home and how was it handled with the seller? Is it the sellers responsibility to fix it being that whomever buys the building is going to need insurance?

Any advice would be much appreciated.