Schedule B, Section I always contains these initial requirements:
- Payment to or for the account of the grantors or mortgagors of the full consideration of the estate or interest to be insured.
- Proper instrument(s) creating the estate or interest to be insured must be properly executed and duly filed for record, to wit:
Warranty Deed from Tom Jones to John Smith, and
Deed of Trust from John Smith in favor of Any National Bank.