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If you're doing a transfer from the seller's registrar to your registrar, ICANN rules state that the transfer should be approved by the losing registrar within 5 days after submitting a valid transfer request with the correct EPP code. This is assuming you bought a .com or something under the control of ICANN. non-ICANN ccTLDs may have different rules.
If the domain is being pushed to Sedo and then to you, it is usually quick, but can take much longer. I've seen Sedo listed in WHOIS, even months after I've pushed a domain to their account and received proceeds from the sale.
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