If you used a realtor's form contract of sale they typically have an attorney review clause which permits either party to cancel the contract for any reason within three days for any reason or the contract becomes binding. You should read that clause carefully as the language usually states the contract will become binding upon the parties unless "an attorney reviews the contract and disapproves it". This means that the buyer or seller cannot cancel the contract themselves, but must retain an attorney to do so. So to answer your question, No you cannot cancel it but your attorney can on your behalf.
IMPORTANT LEGAL NOTICE: The response to the question posted is not legal advice and it does not create an attorney-client relationship. The response is intended as general information based upon the facts stated in the question, and is provided for educational purposes of the public, not any specific individual. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Responses are based solely upon New Jersey law.
It depends on what you signed.
If you are talking about the listing agreement, then the answer is no - there is no right of cancellation. However, you can agree to withdraw you home from the market (you would be precluded from listing with someone else during the term of the listing agreement).
If you signed a contract of sale, then in NJ all realtor prepared contracts contain a three day attorney review period during which time your attorney may review and cancel the contract for any reason - or no reason. Note that the attorney review clause does not give you the right to cancel - it gives such right to your attorney.
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