The pilot had recently purchased the airplane and was flying with a flight instructor to meet his insurance company requirements and to become familiar with the aircraft. He reported that during the landing rollout, the flight instructor told him to utilize the brake, since the aircraft was starting to turn and they “were running out of rudder.” The airplane then veered to the left and nearly came to a stop but departed the runway and descended an embankment, impacted terrain, which resulted in substantial damage to the right wing and fuselage. The flight instructor reported that when the airplane began to yaw left, he instructed the pilot to utilize the brakes and he simultaneously applied full right rudder but could not arrest the yawing motion. The airplane was not equipped with brake controls for the right seat position. The pilot reported that there were no pre-accident mechanical failures or malfunctions with the airplane that would have precluded normal operation.