Question: Answer EITHER Question 413! OR Question 4 (b1 QUESTION 4 (a! Sometime in 2014, Mr. Venn Dor purchased an apartment together with an accessory parcel

 Answer EITHER Question 413! OR Question 4 (b1 QUESTION 4 (a!Sometime in 2014, Mr. Venn Dor purchased an apartment together with an

Answer EITHER Question 413! OR Question 4 (b1 QUESTION 4 (a! Sometime in 2014, Mr. Venn Dor purchased an apartment together with an accessory parcel (the said preperty) from Solar Development Sdn. Bhd. for RM1.5 million held on Master title Lot 101 HS(D) 1009 Daerah of Melaka Tengah. He obtained a loan from Sunshine Bank Bhd to nance the purchase. As strata title was still pending, he assigned all his rights, title and interests in the said property to Sunshine Bank Bhd. Subsequently in September 2017, Mr. Venn Dor contracted to sell the said property to Eureka Sdn. Bhd. for RM 2.2 million with notice to Solar Development Sdn Bhd. Eureka Sdn. Bhd. paid an initial deposit of RM220,000 and was to nance the balance of purchase price through a loan. According to the Sale and Purchase Agreement completion was to be within 3 months with an extension of one month failing which the Sale and Purchase Agreement would be terminated. In the event of a breach by the vendor all monies paid by the purchaser would be refunded with an additional sum equivalent to the deposit paid as agreed liquidated damages. In the event of a breach by the purchaser the deposit would be forfeited to the vendor whilst any other monies paid would be refunded less any costs and expenses incurred by the vendor. Continued. . Eureka Sdn. Bhd. obtained financing from Property Bank Bhd. and the redemption sum was accordingly released to Sunshine Bank Bhd. and a caveat was entered on behalf of Property Bank Bhd. However, Eureka Sdn. Bhd. failed to complete payment of the balance of purchase price within the stipulated four months. Parties agreed to a further extension of one month. However, Eureka Sdn. Bhd. failed to complete and instead on 15 March 2018 issued through its solicitors, a Notice of Termination of the sale and purchase agreement for breach by Mr. Venn Dor for failing to deliver the Deed of Receipt and Reassignment and other documents of title to Eureka Sdn. Bhd's solicitors to enable them to pay the balance of purchase price to complete the sale. Eureka Sdn. Bhd. further demands the refund of all monies paid and further liquidated damages in the sum of RM220,000 together with interest and costs. Advise Mr. Venn Dor on his legal rights and remedies. (Total: 25 marks)

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