221. Necessity for writing.

An equitable mortgage is a specifically enforceable contract to create a legal mortgage in the future1. A contract made since 27 September 19892 for a mortgage of or charge on land or any interest in land can be made only in writing and by incorporating all the terms which the parties have expressly agreed3 in one document or, where contracts are exchanged, in each4. The document incorporating the terms or, where contracts are exchanged, one of the documents incorporating them (but not necessarily the same one) must be signed by or on behalf of each party to the contract5.

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