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There is no minimum required grace period for .COM / .NET domains that are expired.
With that said, most registrars usually give a week or two and some even much longer, but to reiterate, registrars are not required too.
The only time a grace period is basically guaranteed is when a domain enters the "delete cycle", then the registry's grace period automatically kicks in ... though getting ownership back at that point can cost hundreds of dollars.
However, many domains, especially if they are perceived as valuable, never enter the delete cycle ... instead the ownership is simply changed from the previous registrant (owner) to someone else by the registrar - and yes, that's permitted.
It's often safest to stick directly (going through resellers can be risky!) with the "big name" registrars that have good reputations and well documented grace periods ...
It's often the little known registrars is where people run into problems of their domains suddenly disappearing; some put little to no effort in reminding registrants about expiration, which further makes domain loss likely.
Ron
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Domagon - Website Management and Domain Name Sales
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