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The $10k purchase price reduction is interesting and likely means the property is likely to be valued $10k lower than purchase price (even if you pay the extra $10k). If there's LMI involved I'd strongly recommend against this type of clause in the contract. This might put it outside of...

Conditional or unconditional, this kind of timeframe without an explaination is unacceptable. It's hard to think of why there'd be a delay this long though. Given there's a lease option involved there could some delays, but not this long. You really need to get in touch with the broker...