JUDGMENT

This is an action for specific performance of a sale and purchase agreement dated 27 February 1990 for the sale by the defendant and the purchase by the plaintiff of two landed properties ("the agreement"). The price was RM254,700, of which RM25,470 had been paid, RM2,000 direct to the defendant and RM23,470 to the stakeholders, Messrs Alex R. Anthony & Associates, who were acting as stakeholders for both parties. There was therefore a balance of RM229,230, which was to be paid by the completion date, which had been extended from 27 August 1990 to 20 November 1990.

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On 26 October 1990 Arab-Malaysia Finance Berhad advised the plaintiff and his wife that they agreed to grant them a housing loan of RM215,000 to pay for the properties. This approval was amended by the finance company on 29 October 1990 so that the loan was granted to the plaintiff only, his wife now having to provide a personal guarantee instead.

The loan that was approved was short of the outstanding amount under the agreement by RM 14,230. This the plaintiff paid to the stakeholders, as confirmed by the stakeholders to the defendant in a letter dated 6 November 1990, before the completion date.

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