Quebec homeowners looking to renew mortgages could soon pay more in notary fees: MEI [Video]

Homeowners in Quebec may soon have to pay more in notary fees due to a reform to the province’s Notarial Act.

According to a new study published Thursday by the Montreal Economic Institute (MEI), this change could almost double the cost of mortgage transfers in the province.

“There’s this new interpretation of the Notarial Act that is currently being pushed by the notaries, which would give a monopoly to notaries on filling forms for mortgage transfers,” explains Renaud Brossard, vice president of communications at MEI.

He explains that for people shopping around for the best rate when it’s time to renew their mortgage, there are “some forms to fill out.”

Until recently, these legal documents were first completed by a specialized processing centre before being checked by a notary at a cost of $850.

“Usually, these would have been filled out by legal assistants and then reviewed by a notary,” …