Checklist Checklist

Blog

  • #83 MORTGAGE BROKERS Buyer Checklist You Need To Know Before You Spend Your Money. 40 Buyer-Beware Intelligence Points.

    Financial Information Notice: This checklist provides general educational information only. It is not financial, mortgage, tax, or legal advice. Compensation structures, licensing, loan products, and mortgage regulations vary by jurisdiction.

    “The mortgage broker may help you shop—but you still need to understand what you’re actually comparing.”

    CFPB recommends comparing multiple mortgage offers and Loan Estimates rather than relying on a single lender or quote.

    25 Buyer-Beware Warnings

    1. ☐ Verify licensing where applicable.
    2. ☐ Ask how the broker is compensated.
    3. ☐ Ask who pays the broker.
    4. ☐ Ask whether compensation varies by lender/product.
    5. ☐ Identify the lenders being considered.
    6. ☐ Ask how many lenders the broker actually accesses.
    7. ☐ Request written loan options.
    8. ☐ Compare Loan Estimates.
    9. ☐ Compare interest rates.
    10. ☐ Compare APR.
    11. ☐ Compare points.
    12. ☐ Compare lender credits.
    13. ☐ Compare origination charges.
    14. ☐ Compare cash to close.
    15. ☐ Compare monthly payment.
    16. ☐ Compare loan term.
    17. ☐ Compare adjustable-rate features.
    18. ☐ Compare prepayment provisions.
    19. ☐ Ask whether the broker receives lender incentives.
    20. ☐ Don’t accept “best rate” without documentation.
    21. ☐ Don’t compare different loan structures as if they were identical.
    22. ☐ Get competing offers.
    23. ☐ Ask what can be negotiated.
    24. ☐ Verify all promised terms in writing.
    25. ☐ Don’t confuse broker convenience with lowest total cost.

    Premium Checklist

    Broker Audit

    ☐ License
    ☐ Experience
    ☐ Compensation
    ☐ Lender access
    ☐ Product access
    ☐ Conflicts
    ☐ Communication

    Quote Comparison

    Broker Quote → Loan Estimate → Competing Loan Estimate

    Compare:

    Rate / APR / Points / Fees / Credits / Payment / Cash-to-Close / Five-Year Cost

    CFPB specifically recommends obtaining and comparing Loan Estimates from multiple lenders.

  • #82 HELOC Buyer Checklist You Need To Know Before You Spend Your Money. 40 Buyer-Beware Intelligence Points.

    Financial Information Notice: This checklist provides general educational information only. It is not financial, mortgage, tax, or legal advice. Home-equity borrowing uses your home as collateral and can create significant financial risk.

    “A HELOC can feel like flexible cash—until the repayment period changes the payment.”

    CFPB explains that HELOCs generally have a draw period followed by a repayment period, and payments can increase substantially when repayment begins. HELOCs usually have variable rates, although some permit conversion of balances to fixed rates.

    25 Buyer-Beware Warnings

    1. ☐ Your home secures the debt.
    2. ☐ Don’t assume the minimum payment tells the full story.
    3. ☐ Identify the draw period.
    4. ☐ Identify the repayment period.
    5. ☐ Determine whether the rate is variable.
    6. ☐ Understand the index.
    7. ☐ Understand the margin.
    8. ☐ Determine the rate-change frequency.
    9. ☐ Determine the maximum rate.
    10. ☐ Calculate payments at higher rates.
    11. ☐ Identify annual fees.
    12. ☐ Identify transaction fees.
    13. ☐ Identify minimum-draw requirements.
    14. ☐ Check inactivity fees.
    15. ☐ Check early-termination fees.
    16. ☐ Ask whether the lender can freeze the line.
    17. ☐ Understand what happens if home value declines.
    18. ☐ Determine whether the repayment payment changes sharply.
    19. ☐ Ask whether principal is fully amortizing.
    20. ☐ Understand fixed-rate conversion options.
    21. ☐ Don’t borrow merely because available credit exists.
    22. ☐ Don’t use variable-rate debt without stress testing.
    23. ☐ Compare alternatives.
    24. ☐ Calculate total interest under multiple scenarios.
    25. ☐ Determine whether the debt remains affordable after the draw period.

    CFPB warns that falling behind on a HELOC can put the home at risk.

    Premium Checklist

    HELOC Anatomy

    Home Equity → Credit Limit → Draw Period → Rate Changes → Repayment Period → Final Payoff

    Stress Test

    Calculate payment at:

    ☐ Current rate
    ☐ +1%
    ☐ +2%
    ☐ +3%
    ☐ Maximum contractual rate

  • #81 MORTGAGE REFINANCE Buyer Checklist You Need To Know Before You Spend Your Money. 40 Buyer-Beware Intelligence Points.

    Financial Information Notice: This checklist provides general educational information only. It is not financial, mortgage, tax, or legal advice. Mortgage terms, costs, eligibility requirements, tax treatment, and laws vary. Verify current terms with qualified professionals and official sources before making a financial decision.

    “A lower mortgage payment doesn’t automatically mean you got a cheaper mortgage.”

    CFPB notes that refinancing replaces an existing mortgage with a new one and generally involves closing costs and fees. A lower payment can also result from extending the loan term, which can increase total interest paid.

    25 Buyer-Beware Warnings

    1. ☐ Don’t compare only monthly payments.
    2. ☐ Calculate the new loan’s total cost.
    3. ☐ Calculate refinancing costs.
    4. ☐ Determine whether the term is being extended.
    5. ☐ Compare remaining interest on the current loan.
    6. ☐ Compare interest on the proposed loan.
    7. ☐ Check the new interest rate.
    8. ☐ Check whether the rate is fixed or adjustable.
    9. ☐ Identify points.
    10. ☐ Identify lender credits.
    11. ☐ Identify appraisal costs.
    12. ☐ Identify title costs.
    13. ☐ Identify other closing costs.
    14. ☐ Check whether costs are being financed.
    15. ☐ Don’t assume “no-cost refinance” means free.
    16. ☐ Calculate the break-even period.
    17. ☐ Estimate how long you expect to keep the loan.
    18. ☐ Check prepayment restrictions where applicable.
    19. ☐ Consider whether cash-out changes the economics.
    20. ☐ Compare multiple lenders.
    21. ☐ Obtain written estimates.
    22. ☐ Compare equivalent loan structures.
    23. ☐ Don’t let a lower rate hide higher fees.
    24. ☐ Don’t ignore taxes/insurance changes.
    25. ☐ Calculate the outcome under multiple holding periods.

    CFPB explains that “no-cost” refinancing can mean either accepting a higher interest rate in exchange for lender credits or adding closing costs to the loan balance.

    Premium Checklist

    1. Current Mortgage

    ☐ Current balance
    ☐ Current rate
    ☐ Remaining term
    ☐ Current monthly principal/interest
    ☐ Remaining interest estimate
    ☐ Prepayment provisions

    2. Proposed Mortgage

    ☐ New balance
    ☐ New rate
    ☐ New term
    ☐ Monthly payment
    ☐ Points
    ☐ Lender credits
    ☐ Closing costs

    3. True-Cost Calculation

    Total Refinancing Cost = Closing Costs + Added Interest + Financing Costs − Savings

    Then calculate:

    Break-Even Months = Total Upfront Refinancing Cost ÷ Monthly Savings

    4. Scenario Testing

    Run:

    ☐ 1-year scenario
    ☐ 3-year scenario
    ☐ 5-year scenario
    ☐ Expected holding period
    ☐ Early-sale scenario

  • #80 CLASS ACTION LAWYERS Buyer Checklist You Need To Know Before You Spend Your Money. 25 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    “A problem affecting thousands of people isn’t automatically a class action.”

    25 Buyer-Beware Warnings

    1. ☐ Identify the underlying harm.
    2. ☐ Determine who was affected.
    3. ☐ Determine whether the issue is widespread.
    4. ☐ Preserve individual evidence.
    5. ☐ Preserve purchase records.
    6. ☐ Preserve contracts.
    7. ☐ Preserve communications.
    8. ☐ Document dates.
    9. ☐ Document losses.
    10. ☐ Identify common facts.
    11. ☐ Identify individual differences.
    12. ☐ Search for related litigation.
    13. ☐ Search for regulatory action.
    14. ☐ Identify potential defendants.
    15. ☐ Don’t assume a large number of victims guarantees certification.
    16. ☐ Understand the difference between individual and class claims.
    17. ☐ Ask about the proposed class definition.
    18. ☐ Ask how damages could be calculated.
    19. ☐ Review arbitration provisions.
    20. ☐ Review release language.
    21. ☐ Understand settlement procedures.
    22. ☐ Verify attorney experience.
    23. ☐ Understand fee arrangements.
    24. ☐ Read settlement notices carefully.
    25. ☐ Don’t assume a settlement is automatically in your best interest.

    Premium Checklist

    Harm → Population → Common Issue → Individual Differences → Evidence → Defendant → Litigation → Settlement

  • #79 SECURITIES ARBITRATION Buyer Checklist You Need To Know Before You Spend Your Money. 25 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    “Losing money in an investment is not automatically misconduct—and proving misconduct requires evidence.”

    25 Buyer-Beware Warnings

    1. ☐ Identify the investment.
    2. ☐ Identify the brokerage/adviser.
    3. ☐ Preserve account statements.
    4. ☐ Preserve trade confirmations.
    5. ☐ Preserve communications.
    6. ☐ Preserve offering documents.
    7. ☐ Identify representations made.
    8. ☐ Identify when representations were made.
    9. ☐ Document losses.
    10. ☐ Document fees.
    11. ☐ Identify suitability issues where relevant.
    12. ☐ Identify unauthorized trading allegations where relevant.
    13. ☐ Identify disclosure issues.
    14. ☐ Review account agreements.
    15. ☐ Determine whether arbitration applies.
    16. ☐ Identify the forum.
    17. ☐ Check applicable deadlines.
    18. ☐ Preserve electronic evidence.
    19. ☐ Avoid deleting messages.
    20. ☐ Calculate damages carefully.
    21. ☐ Verify securities-arbitration experience.
    22. ☐ Understand fee arrangements.
    23. ☐ Understand arbitration costs.
    24. ☐ Don’t exaggerate claims.
    25. ☐ Have counsel evaluate the actual evidence.

  • #78 FRANCHISE LAWYERS Buyer Checklist You Need To Know Before You Spend Your Money. 25 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    “You’re not just buying a business—you may be agreeing to an entire operating system.”

    The FTC Franchise Rule requires franchisors to provide prospective franchisees with a disclosure document containing 23 specified categories of information.

    25 Buyer-Beware Warnings

    1. ☐ Obtain the current franchise disclosure document.
    2. ☐ Don’t rely solely on the sales presentation.
    3. ☐ Review all 23 disclosure items.
    4. ☐ Investigate franchisee turnover.
    5. ☐ Contact current franchisees.
    6. ☐ Contact former franchisees.
    7. ☐ Review fees.
    8. ☐ Review royalties.
    9. ☐ Review advertising fees.
    10. ☐ Review territory.
    11. ☐ Review renewal rights.
    12. ☐ Review termination rights.
    13. ☐ Review transfer restrictions.
    14. ☐ Review required suppliers.
    15. ☐ Review purchasing restrictions.
    16. ☐ Review earnings claims carefully.
    17. ☐ Review litigation disclosures.
    18. ☐ Review bankruptcy information.
    19. ☐ Model realistic startup costs.
    20. ☐ Model working-capital needs.
    21. ☐ Verify state-specific requirements.
    22. ☐ Have an independent franchise attorney review the agreement.
    23. ☐ Don’t use the franchisor’s lawyer as your own lawyer.
    24. ☐ Model the downside case.
    25. ☐ Don’t confuse brand recognition with unit economics.

    Premium Checklist

    Disclosure → Economics → Franchisees → Territory → Contract → Operations → Exit → Downside

  • #77 ENERGY LAWYERS Buyer Checklist You Need To Know Before You Spend Your Money. 25 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    permits, infrastructure and jurisdiction.”

    25 Buyer-Beware Warnings

    1. ☐ Identify the energy asset.
    2. ☐ Identify the applicable jurisdiction.
    3. ☐ Review permits.
    4. ☐ Review land rights.
    5. ☐ Review easements.
    6. ☐ Review interconnection issues.
    7. ☐ Review supply agreements.
    8. ☐ Review purchase agreements.
    9. ☐ Review regulatory requirements.
    10. ☐ Identify environmental exposure.
    11. ☐ Identify tax considerations.
    12. ☐ Review financing.
    13. ☐ Review insurance.
    14. ☐ Review construction obligations.
    15. ☐ Review operational obligations.
    16. ☐ Review termination provisions.
    17. ☐ Review force-majeure language.
    18. ☐ Identify counterparty risk.
    19. ☐ Verify counsel specialization.
    20. ☐ Ask which regulators have jurisdiction.
    21. ☐ Identify approval requirements.
    22. ☐ Model downside scenarios.
    23. ☐ Preserve regulatory communications.
    24. ☐ Track approval deadlines.
    25. ☐ Don’t treat a commercial energy contract as a normal vendor agreement.

  • #76 ENVIRONMENTAL LAWYERS Buyer Checklist You Need To Know Before You Spend Your Money. 25 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    “Environmental liability can begin with a property, permit, discharge, waste stream or regulatory violation you didn’t realize mattered.”

    EPA’s current enforcement framework covers air, water, waste, chemical and cleanup enforcement, with both civil and criminal enforcement programs.

    25 Buyer-Beware Warnings

    1. ☐ Identify applicable environmental permits.
    2. ☐ Identify regulated activities.
    3. ☐ Review historical site use.
    4. ☐ Review contamination history.
    5. ☐ Review waste handling.
    6. ☐ Review discharge issues.
    7. ☐ Review air-emission requirements.
    8. ☐ Review hazardous-material handling.
    9. ☐ Review reporting obligations.
    10. ☐ Preserve environmental records.
    11. ☐ Preserve permits.
    12. ☐ Preserve inspection reports.
    13. ☐ Preserve agency correspondence.
    14. ☐ Don’t ignore notices of violation.
    15. ☐ Don’t assume cleanup responsibility is simple.
    16. ☐ Identify federal requirements.
    17. ☐ Identify state requirements.
    18. ☐ Identify local requirements.
    19. ☐ Review property transactions.
    20. ☐ Review indemnities.
    21. ☐ Verify environmental counsel experience.
    22. ☐ Understand remediation exposure.
    23. ☐ Model potential compliance costs.
    24. ☐ Track regulatory deadlines.
    25. ☐ Don’t wait until an enforcement action becomes unavoidable.

    EPA provides public compliance and enforcement data through systems including ECHO, which covers inspection, violation and enforcement information for numerous environmental statutes.

  • #75 MARITIME LAWYERS Buyer Checklist You Need To Know Before You Spend Your Money. 25 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    “In maritime injury cases, your job and status can change which legal system applies.”

    The Department of Labor explains that the Jones Act and Longshore and Harbor Workers’ Compensation Act are separate regimes covering different categories of maritime employees.

    25 Buyer-Beware Warnings

    1. ☐ Identify your maritime occupation.
    2. ☐ Identify your employer.
    3. ☐ Identify vessel status.
    4. ☐ Identify where the injury occurred.
    5. ☐ Determine worker classification.
    6. ☐ Preserve employment records.
    7. ☐ Preserve medical records.
    8. ☐ Document vessel conditions.
    9. ☐ Photograph hazards where possible.
    10. ☐ Identify witnesses.
    11. ☐ Record incident details.
    12. ☐ Preserve safety reports.
    13. ☐ Preserve maintenance information where available.
    14. ☐ Document employer communications.
    15. ☐ Don’t assume ordinary workers’ compensation rules apply.
    16. ☐ Ask whether Jones Act issues are relevant.
    17. ☐ Ask whether LHWCA issues are relevant.
    18. ☐ Verify maritime specialization.
    19. ☐ Understand fee arrangements.
    20. ☐ Track deadlines.
    21. ☐ Don’t sign releases casually.
    22. ☐ Preserve evidence.
    23. ☐ Document lost wages.
    24. ☐ Document future work limitations.
    25. ☐ Obtain jurisdiction-specific advice.

  • #74 TRAIN ACCIDENT LAWYERS Buyer Checklist You Need To Know Before You Spend Your Money. 25 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    “A train accident investigation can contain evidence you may never see unless you know where to look.”

    The Federal Railroad Administration maintains accident, incident, casualty and crossing datasets, making transportation-data verification a particularly useful component of this category.

    25 Buyer-Beware Warnings

    1. ☐ Record the train/operator.
    2. ☐ Record location.
    3. ☐ Record date/time.
    4. ☐ Preserve tickets.
    5. ☐ Preserve photographs.
    6. ☐ Preserve medical records.
    7. ☐ Identify witnesses.
    8. ☐ Identify crossing information.
    9. ☐ Preserve vehicle damage.
    10. ☐ Don’t alter damaged equipment unnecessarily.
    11. ☐ Identify whether a crossing was involved.
    12. ☐ Identify warning devices.
    13. ☐ Record weather conditions.
    14. ☐ Identify available video.
    15. ☐ Preserve communications.
    16. ☐ Check official incident data.
    17. ☐ Identify potential defendants.
    18. ☐ Determine applicable law.
    19. ☐ Verify railroad litigation experience.
    20. ☐ Ask about experts.
    21. ☐ Ask about evidence preservation.
    22. ☐ Track deadlines.
    23. ☐ Don’t assume the railroad’s investigation is the only investigation.
    24. ☐ Don’t sign releases prematurely.
    25. ☐ Preserve all accident-related records.