Description

In this week’s episode, Nick outlined a series of tips for people entering into residential building contracts, covering the need for licensed builders and insurance for work over $20,000, the legal requirement for contracts to be in writing, and the cap on upfront deposits at 6.5% under the Home Building Contracts Act. Caller Greg queried whether the local council is exempt from contributing to a dividing fence on reserved land, and Nick confirmed that the Dividing Fences Act in WA does not apply to council-owned land. Moe asked about the details required for a Power of Attorney, and Nick advised the individual's name and address are needed, and that the original signed document must be kept by the donor to prevent premature action. Finally, Nick discussed the rising popularity of prenuptial agreements (Binding Financial Agreements) as a way to protect inheritances and formalise financial expectations, noting they can be made at any stage of a relationship.

Topics Discussed:

Residential contract tips and traps

Council exempt from dividing fence law

Details required for Power of Attorney

Prenups and Binding Financial Agreements