The Peak Performance Pontoons Inc. ("PPP Inc.") manufacturing plant was located in premise owned and operated by Gary Greed.

The arrangement was less than ideal because Mr.Greed was very difficult to deal with. However,the situation changed on June 24, 2021, when PPP Inc. got a notice that the building was for sale. Apparently, Mr.Greed was over-extended on numerous loans andon the verge of bankruptcy. In a desperate attempt to stave off financial ruin, Greed wastrying to sell the building. After consulting with his board of directors, Benton Counter,the CEO of PPP Inc. decided that the company should buy the building. Off he went to talk to the company's lawyer,WilliamArgue.

"Hello, Will."

"Good to see you Benton. What can I do for you?"

"The building PPP Inc. currently rents, is up for sale and we want to buy it. I know a great deal about design engineering, but nothing about land law."

"Let me give you a crash course. Everything that is subject to ownership is called

. That breaks down into twocategories

which island, buildings andthings permanently affixed thereto; and everything else,whichis that breaks down intotwosubcategories and

. Those two sub-categories is a subject for a later date. Back to the first category - it is carved up into estates in time, and interests less than estates. Estates in time means the occupier has exclusive possession. you can have two types of interest inland and buildings: Right now,you are renting the premises and have exclusive possession even to the exclusion of the landlord. So, that means you havea

Interest. But once you buy the building, your company, as an owner,will have a Interest. Her Majesty the Queen technically owns all the land but once you buy the building PPP Inc. will have an interest in the land closest to absolute ownership, which iscalleda . "

Argue asked, "DoesPPP Inc. haveenough cash reservesto by thebuilding?" "No, we have enough cash to pay 25% but we'll need financing from our bank for the remainder."

"That means you will have to give thebanka . PPP Inc. will bethe

and the bank willbethe .

Right now,PPP inc.holdsthe Titlebut that will pass to the bank. However,PPP Inc.has the which meansthat you can pay the bank and get titleback.

Argue said, he would geta copy of the property documents from the Land TitlesOffice and check to see if there are any Interests Less than Estates,such as ,

,or which might affect you use of the property."

"Will, my last question is how does the transfer take place"

Argue replied, "There are three ways a property can transfer: ( mark each)

1. By an example of whichis

.

1. By an example of whichis

.

1. By an example of whichis

.

"Which way will I be taking title?" Benton asked? ( mark)

"By ," Argue relied. And Benton Counter gave a retainer to Argue with instructions to handle the purchase andsale.