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Take time frames in a real estate contract seriously. 

The first important one is the one called "the Effective Date".  The Effective Date is the date of what we'll call the meeting of the minds.  That's when both parties agree to all the terms of the contract. 

The Effective Date is the date from which all the other time frames run.  If a contract has gone back and forth with counters the effective date is when the last initial is applied signaling agreement.  Many, many times the date is left off the final initial putting the Effective Date and consequently the entire contract at risk because of the inability to establish when those initials were applied, thus putting Effective Date in question. 

If financing is involved, and while negotiable, usually the contract will give the buyer five days to apply for the financing.  Typically the contract will then allow for 30-45 days for the financing to be approved while that too is a negotiated item.  Both of them are measured from effective date.

As a buyer it's your responsibility to hit the dates you agreed to.  If not, your getting the property is at risk as well as your deposit.  If you're a seller, be realistic about the time frames you allow.  Always give enough time.  An environmental study could take up to six weeks. 

Last, get your final advice about time frames (and the terms of the contract)from your attorney.  Your attorney and your Realtor, worth the investment.  I'll be happy to be your Realtor, Claude Gardner, 386 846 4135.