Well, there are a few things that you should look out for. I did, when I selected my rifle, so here's the list..The Doc wrote:Zubin,
It would be really worthwhile if you kindly let everyone know about the various things you kept in mind while selecting this particular IOF 30.06 piece. A check list of sorts if you please.
best,
Rp.
1. First thing, check the wood all over for cracks, whether hairline or otherwise. In these rifle's the forend's "ears" (that's what I call them) that slide into the recesses on either side of the action are a weak link and proper fit is crucial, check for chips or cracks in these areas as they lend support to the rest of the stock. If the forend or the butt is slightly loose, its likely that the long lead screws inside have loosened, ask for a good screwdriver that's atleast 10" long and tighten the loose screw. There are holes in the forend and butt for access to these.
2. Check the safety for proper function, please make doubly sure that the rifle's action is clear and that there's no live ammunition in the chamber or within a 10-metre radius of the weapon! On an empty chamber, cycle the bolt, now press the safety button on the tang, this will actuate the plunger in the trigger guard just forward of the trigger blade, the rifle is now on SAFE. The bolt should NOT open and the trigger should NOT trip the sear. Give the receiver a few good whacks with a fisted hand and if you can tap the butt, pad first on the floor or a hard surface, be careful here if you're doing this in a gunshop as its likely to get the dealer's goat!
After all of this the subjected rifle should still be on SAFE, if not, something is wrong. 
Next, push the plunger in the trigger guard and set the rifle to FIRE, do the same "tap the butt and receiver" test, the gun should NOT go off, if it does, not good...
3. Open the bolt, there's a small square plunger on the left of the trigger guard, depressing this should allow the bolt to slip free of the action, if not, there's a problem with the bolt stop or the spring. Check the barrel for any pits, scratches, tool marks, one big plus here, so far all the rifles i've seen have had excellent barrels, only the first rifle I saw had some light pitting forward of the chamber. Check the muzzle and most importantly the crown for concentricity, there should be no burrs or damage on the crown, this as you all know is very crucial to good accuracy.
Just for the record, all the rifles I've seen so far had fairly rough muzzle ends and crowns, seems like the crowns were cut by hand with some deburring tool. A field test will be the right way to determine this method's effectiveness.
4. Check the sights, both front and rear for rigidity, again, no play should exist here, the rear sight has two tiny grub screws on either side for windage adjustment, if its a little loose, use a correct-sized screwdriver and tighten these up, the movement should go away. Check the rear sight ladder for lateral play, none should exist.
5. Press the magazine release on the underside, its the small button just forward of the magazine well, the 3-shot detachable box should pop out a bit, pull the magazine out and check the sides and protruding edges for symmetry, if they appear damaged or bent out of shape due to a fall, etc. you're most likely to have feed-related issues. If, its possible and with prior consent from the owner/dealer, stack up 03 EMPTY cartridge cases in the magazine and cycle them through the action, they should feed without a glitch, also here check for reliable extraction and ejection. Inspect the bolt face for burrs, tool marks, etc. the extractor blade and plunger in the bolt-face should have fair resistance.
That's about all I looked out for in my rifle, and about mostly everything you should look for in yours, if there's anything I've forgotten here I'll re-type it in this post, have a good one!!
, first two were IOF 150-grain softpoints followed by five 180-grain Federal PowerShoks, it took a little while but let me just say that the results are more than pleasing