Can buyer pull out like this?

Last Fri 23/10, an interested buyer bought my private condo, and issued his cheque. I banked it in immediately but was told the cheque will only be cleared Tues 27/10. This is a divorce property and took some time to get both parties signatures, which can be done by Tues, however, the unhappy Indian buyer screamed at the agent on Monday night 26/10, stating that such is not the way to transact a property. He has since decided to back out. My question is, can he do so without forfeiting his deposit?