What happens if your loan doesn't get approved within time frame

[Dale Viljoen]

Currently I am learning real estate in terms of the purchase of the property and everything involved with it. I have currently read that most conditional periods sit at around 10 days from the day the signed offer (which I assume is when you put a offer in and the seller agrees on that price). What I want to know is, what happens if your loan provider (for what ever reason) says it will take 2 - 3 weeks to approve/disapprove the loan (which is longer then the 10 days agreed)?