Before cutting fabric
I soak and wash -
but at the very minimum - unfold it and check for:
printing errors
grain lines - see if it has been pulled out of line
holes, tears - occasionally a "good" piece of fabric has them - I just ironed a piece that had small squares punched out at regular intervals - I never noticed them until I was refolding the fabric
fade line along the fold -
slubs -
I usually find/notice these things when ironing the back/wrong side of the fabric. They seem more noticeable from the back - except for the fade line along a fold.
I have found these problems even with/from LQS fabric.