That depends on the contract terms. If it allowed you to rescind the contract because it does not fit your needs, you can follow the notice procedures. Now, I would be stunned if your contract contained a clause like that.
You need to speak with a local contract lawyer so they can review and advise you of your rights and how to exercise those rights. This is not something to guess about and this cannot be answered based on posting one sentence on the internet. Good luck.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.
You should consult with a local real estate attorney.
Whether you can cancel the transaction will depend on the language in the contract of sale.
There are typically several ways to cancel a contract including your inability to obtain mortgage financing or issues with the home inspection report.
If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.