Malik signed for Unit 712 at Tower 105 Residences in January 2022. The contract listed an estimated completion date of December 2022 and required the unit be delivered within three years of that date. No closing happened by Dec. 31, 2025, according to the suit, which says the entire project “remains far from complete.” Malik’s attorney sent the developer a default notice and refund demand in August. The developer never responded, the complaint states.
None of the money is sitting in escrow. First American released $820,000 to the developer for construction in 2022, then released the remaining $410,000 after the developer posted a surety bond issued by Federal Insurance Company. Only First American and the state can make a claim on that bond, and the suit says First American has refused to do so without a court order because the developer disputes that Malik is owed a refund.
Malik wants his full deposit back with interest, plus attorney’s fees, and is asking a judge to declare that First American must pursue the $410,000 bond on his behalf. The complaint notes that other Tower 105 buyers have filed similar lawsuits in the same court over deposits the developer has refused to return. Read the complete complaint, below…