If you are not satisfied with a Godaddy product or service, you can cancel it and request a refund by contacting the customer support. For web hosting purchases of annual plans, you get a 30 day money back guarantee. But for monthly hosting plans (i.e. less than 1 year term), you will need to cancel within 48 hours of the date of purchase for a full refund. Rules for cancellations of domain names are different based on the TLD. For standard .COM domains, you need to cancel within 5 days of registration.
There are some instances where you would need to unlock your domain. Modifying your name server or initiating a registrar transfer can be considered as perfect examples for such situations. In those situations, you should unlock the domain only for transfers and it should keep locked for normal use. Godaddy has provided required facilities for their users to do this and you will not have to worry about anything.
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