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It will depend on the terms of the contract. Most standard form consumer contracts (such as the REIQ) still allow the OP the right to terminate under the building and pest clause after the relevant date. The Seller may also have a right of termination.

That's incorrect, other than cooling off. Time of the essence means that failing to comply with an obligation by the due date is a breach of an essential term of the contract. This means the other party has a right of termination, not that the condition is deemed to be satisfied. A standard...

It depends on the contract, however the buyer and seller will generally have an ongoing right of termination under the building and pest condition until the buyer gives notice of satisfaction or waiver. Some contracts may deem the condition to be satisfied if notice is not given by the due date.