You got to read your listing agreement.
There, you'll find the answer to your question. There will be a termination clause.
It may or may not require a cancellation fee. Each state is different, and what's correct in one maybe "off" in another.
For example, some agreements may require you to pay full asking price commission to the brokers, if the offer was for the asking price/terms. If you refuse, they might sue you.
If you don't have a full asking price offer, you can reject this offer - escrow money does not obligate you to accept this contract.
It sounds like it's time to talk with the listing agent that you are working with to sell your house.
There have to be reasons for your not willing to sell the house now - that go beyond what you posted here...
In any case, best of luck to you, and hope this helps,
Beachfront Realty, Inc.
Since you asked this question last year, hopefully the issue is resolved by now and you have SOLD your home. Cheers, Jan
There are rules and processes in place to protect the public when an agent does a poor job educating their clients on the process of buying or selling!
Good Luck in finding the answers you need.
The Kinslow Team LLC