Apartment to Condo conversion, new building owners, disputes with county, oh my!

Last December I signed a contract to purchase a condo in a building that is being converted from apartment to condos. I put down an earnest money deposit. Since then, the building owners have defaulted on their loans. One of the financers is trying to take ownership of the building, however that has been blocked by the county's right of first refusal.

I can't afford to keep paying my rent on a month-month basis, but no one can provide any dates regarding when delivery can be expected (if at all).

After months of poor communication and numerous bumps, I just want out of the contract. My contract does say that they have 2 years from signing date to deliver the condo.

Is there any other way that I can get out of this contract? I feel that my contract is with the original building owners and not the new one, so I should be able to consider the contract void and receive my deposit back.

Any help would be appreciated. Thank you.

Based on what you say here, you could file suit against them (or at least threaten to do so) in small claims court or in regular court; filing in small claims court is easier and requires no attorney but amounts are limited...you could try to collect all of the costs and damages that you suffered due to their behavior... You may also report them to your state attorney general's office. You can argue they have failed to perfom and have breached the contract.