Real Estate Law
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This all depends on what the contract says......if it says that the condo will be built IF the re-zoning is approved, then you're likely not going to be able to get out of the contract because the contingency was noted in the agreement. BUT, if the contract misrepresents the situation and states that the zoning has been approved and that the project is a "go" --- when it was not --- then you could have a claim for misrepresentation against the other party.....which could give you grounds to cancel without penalty.
Thus, you're going to have to go through the purchase agreement very closely and determine where things stand. You may want to have a local lawyer review it and determine whether or not you have sufficient grounds or not and then re-approach the seller about resolving this short of filing suit.
If this material fact was not disclosed to you prior to purchase, then you should have grounds to pursue a claim --- and possibly even cancel --- based on the intentional or negligent failure of the other party to inform you that the project MAY NOT happen......because of the zoning issues.
However, if the seller will not voluntarily agree to cancel the deal, you'd have to sue in order to have a court decide this issue.