Cost to Change Ownership of a Car in Nigeria: In Nigeria, owning a car involves more than simply making the first purchase. It also entails being aware of the charges and procedures associated with transfer ownership.

Cost to Change Ownership of a Car in Nigeria?

You need to understand this process whether you are buying a used car or transferring ownership within your family.

We will examine the complexities of transferring car ownership in Nigeria in this post, along with the related expenses and steps.

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Cost to Change Ownership of a Car in Nigeria

What is the cost to change ownership of a car in Nigeria? Once all required paperwork has been submitted, a processing fee must be paid. It costs N5,000 and above. Within five to ten days, the ownership transfer process is completed.

In Nigeria, apart from paying for the cost to change of ownership of a car, transferring ownership of a car requires a few steps to be approved by the law. Verifying papers, paying fees, and updating pertinent data are usually steps in the process.

Below are what you need to do to change ownership of a car in Nigeria:

Verify the Documents

This is the first thing you need to do to change ownership of a car in Nigeria. A legitimate identity document, such as a driver’s license, foreign passport, or national identity card, must be presented by both the buyer and the seller.

Also, it is important to verify the legitimacy and authenticity of the vehicle’s details, such as the insurance documents, roadworthiness certificate, and registration certificate.

Pay the Transfer Charges

Cost of Vehicle Registration in Lagos

The transfer fee is one of the major expenses related to changing car ownership in Nigeria. Depending on the state in which the transfer is occurring, different fees apply.

In addition, there can be other costs such as state taxes, administrative fees, and plate number transfer fees (where relevant).

However, depending on the value of the car and the state’s laws, the transfer charge varies from a few thousand Naira to tens of thousands of Naira.

To avoid any surprises, it’s best to find out the precise transfer price from the appropriate state licensing office or transit authority.

Revise the Document

What is the cost to change ownership of a car in Nigeria? This is another thing you need to do to change ownership of a car in Nigeria. The vehicle’s records must be updated with the appropriate authorities upon completion of the transfer process. This involves adding the new owner’s information to the registration certificate.

Future issues, such as legal problems or difficulties selling the car, may arise from failing to update records on time.

Sort Out the Administrative Charges

The licensing office or the vehicle registration authority may impose additional administrative fees in addition to the transfer fee.

These costs could consist of documentation fees, processing fees, and other ancillary costs.

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Pay the Duties and Taxes

What is the Cost to Change Ownership of a Car in Nigeria?

Certain states charge fees and taxes when a car is transferred. The engine size, model year, and assessed value of the car may all affect these taxes.

You must speak with local government representatives or a legal professional to comprehend the tax ramifications that apply to you. This is another thing you need to do to change ownership of a car in Nigeria.

NOTE: You can do all the above from the comfort of your home by clicking HERE.

What is the cost to change ownership of a car in Nigeria? In summary, it is important to remember that transferring car ownership in Nigeria entails several procedures and expenses.

To guarantee a seamless and legally recognized transfer process, each step—from document verification to fee payment and record updating—requires close attention.

Car owners can easily and calmly handle the complexity of ownership transfer by being aware of the related fees and carefully adhering to the recommended processes.