Vermiculite (asbestos?) insulation found during inspection...

[Aleksandra Serebrenik]

We just did an inspection on a quadruplex we were hoping to buy for our first deal. This is on the south shore of Montreal, and the property was built in 1945. The current owner wrote that there was no vermiculite in the seller's declaration, which seems suspicious because the inspector saw it instantly when he went up to the attic. 

Anyway, other than the high possibility of asbestos in the insulation, the property seems to be in decent condition - a few cracks in the foundation, a bathroom with a window that needs replacement urgently and the wall to be investigated for possible mold, some outlets not working, and definite cosmetic updates needed. On the bright side, there are definite value-raising improvements to be made to the property. One unit can be enlarged from a studio to a 2-bedroom, and we're also planning on converting the garage and part of the basement into a fifth unit.

Now, we're faced with a difficult decision. Do we test the vermiculite ASAP and then try to negotiate the price? If the seller doesn't budge, do we still buy this? Do we not test it (assuming that it's there - seems to be ~80% likehood of that) and try to negotiate anyway? 

We're also now thinking that we're likely to find asbestos in other parts of the hours - under the floor? Behind the walls? Who knows - it's a 1946 property and it doesn't seem like it's been updated much throughout the years. 

Any tips and your own experiences much welcome!