Is there anyway to transfer the ownership?
If the domain is well-known, do NOT let it expire in order to be able to obtain it by subsequent purchase. You can bet that a cyber squatter would be faster than you. (This has happened to us with a squatted .net variation of our domain name.)
You could have a lawyer review the contract and look for a basis to . . . but . . . the cost of that process would likely exceed $160.00.
Read the contract, now, just to see exactly what you agreed to and if there are any exceptions, expirations, etc.
I am facing a similar problem. I want to switch hosting and the reseller has put a reseller lock. Luckily the domain name is registered in my name. I am not sure whether I should ask them to remove the lock (they will know i am planning to shift and may create problems) or directly ask the registrar to remove the lock. Can a reseller change the whois for a website without permission from domain name owner?
Sure they can...within the limits of their legal prints.
Try to do it with them first, then contact their registrar partner.