This is what it’s all about. The closing date is the date you complete the process of buying a new house.
Your conveyancing solicitor transfers the balance of the purchase price to the builder’s solicitors.
Your solicitor will order legal searches against you, the builder and the new home.
The builder’s solicitor will forward the closing documents to your solicitor.
Your solicitor will send the legal searches to the builder’s solicitor to explain.
Your solicitor will liaise with you that you are ready to close.
When all paperwork and money is in order the two solicitors deem the sale closed.
You are now the owner of the home. The builder or the selling agent will arrange that the keys of your new home be available to you, usually at the site office or the selling agent’s office.
Legal searches – these are searches of the Courts and Property Registry registers. The reason you need to carry out these searches on the closing date is to establish that there has not been a judgment registered against the builder or the property you are about to buy. There must be a clear link between you and the property you are buying. The searches prove that all is clear and that the legal title will pass from the builder to you on the closing day.