Electrical permits, please help.

[Grand Wally]

Have signed a contract on a home, and the inspector found that there were no electrical permits for the house. I've been informed by the seller (who did this as a rehab and is a licensed general contractor) that he did the electrical himself to save the money and he didn't get permits.

Trouble is....I think it might be too late for me to renig on the contract because of the clause "you have X days to respond to the seller to get all repairs done".

Do I run the risk of paying a crap load of money in fines here? What about when I sell the home one day and there are no permits? Can I have a permit issued after I buy the home?

Kind of worried...hope I'm being paranoid for not much of a reason.

Any advice would help. Thanks in advance.