§ 378. What owners may apply; what titles may be registered. Petition
for registration of title may be made by the following persons:

First. The person or persons who claim, singly or collectively, to own
in fee simple the legal estate in land, or in some right in or over
land, and who hold and possess such land or such right.

Second. The person or persons who claim, singly or collectively, to
own a contract for the purchase in fee simple of the legal estate in
land, or in some right in or over land, from the owner thereof.
Registration in the name of the holder of the contract shall not be
made, except on the production of a proper transfer of title under and
pursuant to the contract from a transferor in possession, or the consent
in writing, duly acknowledged, of the proposed vendor in possession and
named in the contract and his wife, if he be married. Such transfer or
consent may be made after the commencement of the registration
proceeding.

Third. The person or persons who claim singly or collectively, to have
the power of appointing or disposing in fee simple of the legal estate
in land, or in some right in or over land.

No title to a mortgage, lien, trust, charge or estate less than a fee
simple shall be registered, unless the title to the legal estate in fee
simple in the same property is first registered.

When the petition is made by the holder of a contract to purchase, it
shall refer to the ownership of the proposed vendor, and to the contract
of purchase and sale.

It shall not be an objection to bringing real property under this
article that the estate or interest of the petitioner is subject to any
outstanding lesser estate, mortgage, trust, charge, or other lien or
right. But any such lesser estate, mortgage, trust, charge, or other
lien or right shall be duly noted on the certificate of title when
issued.