Is appropriate, in exchange for keys within 2-3 business days.

Seven days (which may really just be five business days) is pretty darn tight to start calling the lender to start arranging a payoff.

I recently sold a house and my bank, BB&T, wouldn't let me create a cashier's check from the wired funds that same day (and is still impeding things two business days later) because:I move all the time and don't have a permanent addressThey claimed not to have a record of me making similar requests (I'd made at least 5 in the past 1.5 years)It was a large amountThe title company could withdraw the wire after BB&T had given me the cashier's checkThey asked me stupid questions to authenticate me like, "How much money did you initially deposit when you opened your account 1.5 years ago?"

I've seen it where promissory notes to deposit EMD within 3-5 business days are acceptable.  

(pros and cons; yes and maybe):Purchase Price $325,000Estimated Property Value (1) $450,000Loan Amount $292.500.00 - LTV 90.00%Term 1 YearInterest Rate 9.95%Monthly Payment $2,316 - (does not include Taxes & Insurance)Lender Points % / $ 2.00% / $5,850.00Lender Fee $1,495.003 rd Party Fees Borrower is responsible for all Third Party fees.Prepayment Penalty Minimum of 4 month’s interestEstimated Closing 4 -10 business days from receipt of full documentation package

Prompt response is important - within reason (don't demand a call or email response within 5 mins, or on non-business days, etc.) but you are spot on: they should be totally transparent regarding the process and fees.

If not, I think you have aright to cancel.But, in FL you have 3 business days After receiving the condo CC&R's to cancel your contract, regardless of any inspection period.Hopefully you have a buyer's agent on your side to explain (already should have) and they Should have checked into this If they knew you planned on renting it.....it's easy to check the condo listings in the MLS to check for rental restrictions.  

Escrow can close quickly....8-10 business days.

I've worked in places where these types of permits can get approved in five business days, and I've worked in places where it can easily take 6 to 12 months.

Same difference as receiving a check on the 1st, taking it to the bank on the 2nd, and getting the funds in my account 2 business days later.