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1. Any purchase of land has to be in writing or evidenced by writing. This written memorandum should contain the parties, the parcels of land they have purchased and the price paid. However, there is no requirement that any financing arrangement has to be in writing, where finance was necessary to purchase the land. Secondly, any agreement whereby the land will be developed does not have to be set out and evidenced in writing. Thirdly, however, any agreement whereby the two co-purchasers agree how the land will be dealt with should be evidenced in writing. This is because, such an agreement can be sued upon and specific performance obtained should either party renege upon his commitments.
2. For the avoidance of doubt, any dealing with the land comprises a sale, a sub division, or other dealing, such as mortgaging it.