Buying under-construction in FL: what to include in the contract?

[Rongsu Qi]

Hi BP,

We're about to buy a to-be-built house from a local builder, and have a transaction broker to handle the transaction. The contract presented to us is a standard FL As is contract, with the house feature list attached. Is this all that is needed for new construction?

We have purchased a few rentals before but this is our first new construction purchase. We just want to make sure all our bases are covered. Any suggestions/comments? What if the builder takes too long to complete the construction? What if at time of closing the house is not to a certain standard? Should these be covered in the contract? 

BTW there is a builder's warranty. The broker is trust-worthy and has done many transactions with this builder.

Thanks!