Yes, a seller may be able to cancel the contract if the agreement includes specific contingencies (such as the buyer failing to meet financing, appraisal, or inspection requirements), if both parties mutually agree to terminate, or if the buyer breaches the contract terms.
Outside of these situations, a seller generally cannot cancel the contract without potential legal consequences, such as being sued for breach of contract.
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The information for this answer was found on our California Real Estate Purchase Agreement answers.