When you are in the fortunate position of buying a new house the process at the end is as follows.
The builder’s solicitor will contact your solicitor and serve a formal notice of completion. At this stage your solicitor needs to ensure the necessary steps are taken to ensure all the necessary funds will be available for completion.
These funds will be made up of the bank loan and the balance from the purchaser and must make provision for solicitor’s fees, land registry fees, stamp duty and some miscellaneous outlays.
At the same time, you will be invited by the builder to snag the house. This involves you checking out the house for snags and letting the builder’s foreman/site manager know what you believe is outstanding.
You will return a week or fortnight later and see that the necessary work has been carried out. Assuming you are satisfied with the snagging process the sale can now complete.
Your solicitor will transfer the balance of the purchase price to the vendor’s solicitor who will furnish all documents of title to your solicitor. If everything is in order your solicitor will carry out closing searches which must be explained and certified by the vendor’s solicitor.
Then the transaction can complete. You will be able to pick up the keys from the builder’s site office or the estate agent’s office and your solicitor will authorise release of the funds from the builder’s solicitor to his client.
Check out buying a house in Ireland.