You can close on a property without passing title V. You may have trouble financing it as most banks require it.
As to backing out there should be a clause in your offer typically the same as you would for any inspection and or any other contingencies
"Offer is subject to a satisfactory inspections and approval of the premises by the buyer and or their agents on or before x date. Subject to seller providing a Title V certificate satisfactory to the buyers lender. Subject to a mutually acceptable purchase and sales agreement. (if condo) subject to review and approval of the condo documents and budget and seller providing a 6d certificate"
Above is what I provide, check with your buyer agent and or attorney as to what they use best to protect you.