PREMIER Anna Bligh has announced a plan to slash red tape in the housing market by creating a single contract for the sale of a home.
The move, which is expected to be finalised by the end of February, could decrease legal costs and reduce the number of forms that homeowners needed from up to six down to a single document.
"We have listened to the industry and they have been telling us loud and clear that this is what they want," said the Premier.
"Simplifying the paper work involved in a residential property contract will not only help conveyance lawyers and real estate agents but we believe the public will benefit from less paperwork and associated costs."
Ms Bligh said that currently, requirements in a house contract may include the need for a Sustainability Declaration, a Pool Safety Declaration, a Warning Statement, an Information Sheet, Disclosure Statement and of course the contract of sale.
"At the moment each one of these means a separate form, each with a fee, and often repeating the same type of information," said the Premier.
"We intend to rid the industry of unnecessary complications making it easier to buy and sell a home in Queensland."
The Premier said the Government would also look at phasing out the current 'sustainability declaration' needed to sell a home.
"Many of the measures contained in it are increasingly being covered by building code requirements," she said.
The Premier said her Government would now work very closely with Real Estate Institute Queensland (REIQ) and the Queensland Law Society (QLS) to structure the 'one contract' in the most simple and effective way possible.
Shadow Attorney-General Jarrod Bleijie said after 20 years in power, Labor was trying to claim kudos on the eve of an election for removing their bungled real estate red tape policy.
"Queensland businesses have been struggling to cope with a mountain of red tape, and a minefield of more than 90,000 pages of regulation," he said.
"Labor's red tape strangles business activity and destroys incentive and job creation.
"The Labor Government is now backflipping, with the hated sustainability declaration in place since 1 January 2010.
"The only way to rid the industry of unnecessary complications is to vote the incompetent Labor party out of office.
"For six years industry leaders have warned this tired, 20 year old government about the red tape burden and the Bligh government has arrogantly ignored their cries for help until today.
"While Labor has suddenly woken up to red tape concerns, the LNP was calling for the sustainability declaration to be dumped before it was even introduced.
"Last November our team unveiled plans to streamline home sale contracts and warning statements and get rid of the sustainability declarations."
Mr Bleijie said Labor's decision in the last State Budget to get rid of principal place of residence concessions had placed an added financial burden on home buyers and sellers.
"Labor's removal of these concessions effectively meant the introduction of a new stamp duty slug of up to $7000 on the family home," he said.
"The LNP will scrap Labor's new $7000 stamp duty slug on the family home and cut the red tape that is financially punishing Queensland businesses."
Update your news preferences and get the latest news delivered to your inbox.