All You Need To Know About Vehicle Change Of Ownership

All You Need To Know About Vehicle Change Of Ownership.

Vehicle change of ownership transfers the ownership of a car from the old owner to a new owner. It is important to change the ownership of a car when bought as Nigerian used or registered.

However, to effect the change in ownership of a vehicle, the new owner of the vehicle must present the following documents to the licensing officer at the office of initial registration.

• See Also: 8 Documents you should ask for when buying a Nigerian used car

1. Allocation of plate number form (Original)

2. Proof of ownership (Original)

3. Means of identification of the buyer

4. One passport photographs of buyer

5. A written letter between both parties stating the details of the car or transfer of ownership (letter of transfer)

6. The receipt of purchase

7. Third party insurance for the new vehicle

8. Sworn affidavit

9. Blue form (allocation of number plate)

10. Valid vehicle license

11. Police report to support the change/vehicle inspection report

Below is  a sample of Form MVA 5, which the vehicle previous owner has to fill. This notifies vehicle registration office of the ownership change.

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Required information for change of ownership;

• Full names
• Date of birth
• Valid means of identification
• Occupation
• House and office address
• Type and model of the vehicle
• Engine size of the vehicle
• The manufacturing date
• Custom value.

It should be noted that a vehicle must have been registered for at least a period of six month before change of ownership can be effected.

After the presentation of the needed documents, you would be required to pay a processing fee. Everything being equal, the processing fee is is usually N2,500 for motor vehicles and N625 for motorcycles. But since we’re all in Nigeria, it could be costlier than that.

The process of change of ownership can take up to 5-10 days once all the requirements are met.

In a case where the vehicle has no import duty, an exemption certificate issued to the new owner by the Nigerian Customs Service should be presented.

• See Also: 12 things to do before buying a Nigerian used car