Comment by esskay

Technically there is, it's mostly used by the worst domain registrars that nobody should be using, like GoDaddy to pre-register names you search for so you can't go and register it elsewhere.

Most registrars don't allow, nor have the infrastructure in place to let you cancel within the 5 day grace period so don't offer it and instead just have a line buried in their TOS to say you agree its not something they offer.