All You Need To Know About Vehicle Change of Ownership
Why do you require a vehicle change of ownership?
Change of ownership permits you to transfer all of the legal rights to a vehicle to a new owner (buyer). In Nigeria, there is a legal provision that permits such transactions, and you may rest assured that they are completely legal.
We will go through some of the most critical stuff you’ll need for this activity in this article. However, it is critical that your car is registered for at least six (6) months before you begin the process of changing ownership.
Also, you need to get some important documents before you carry out a vehicle change of ownership. The list of documents needed for this vital exercise includes the following.
- Original copy of proof of ownership
- Means of identification of the prospective buyer
- Original Copy of Allocation of Plate number form
- One (1) passport photograph of the new owner
- The receipt of purchase
- A formal letter stating the transfer between the seller and buyer
- Sworn Affidavit
- Third Party Insurance for the vehicle
- Valid vehicle licence
- Blue form (allocation of plate number)
- Police Report to attest to the change of vehicle
This illustration below is a prototype of a form MVA 5 that the former owner of the car must fill out. When completed, t he car registration office will be given formal notice of the change of ownership.
The following is a list of the documents required for a change of ownership.
- Full names
- Date of Birth (DOB)
- Valid Means of Identification
- House and Office Address
- Type and Model of the vehicle
- Engine size of the vehicle
- Date of Manufacturing
- Custom value
After completing the form, you will be asked to pay a non-refundable #2,500 processing charge for your new car. However, due to the country’s high inflation rate, it may cost more.
You would be proud of a job well done if you’ve met all of the standards.