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The first time frame you will encounter in the real estate contract is the "Time for Acceptance" period. 

A buyer makes an offer and decides how much time to give the seller to accept the offer.  The buyer wants a short time frame so no other contracts can be submitted before theirs is accepted. 

The seller wants a longer time frame to consider the terms and in most cases consult with their attorney (and, to see if a higher offer comes in). 

The typical time frames you'll see are from 2-5 days with the norm tending to 2 days.  Even with electronics today, if the seller is located in a different state 2 days are usually just unrealistic.   I find in my practice that "Time for Acceptance" is one of the most missed time frames in the commercial real estate contract.  It's always in there but, unlike other time frames in the contract, on this one clause there is usually plenty of flex.

Remember, when buying or selling commercial real estate in Ormond, Daytona Beach, Port Orange or in between, your attorney and your Realtor are definitely worth the investment.  I'd be glad to be your Realtor, Claude Gardner, 386 846 4135.