That depends whether the IP is shared or dedicated. In a dedicated IP environment that would work. In a shared IP environment that will not work. The server settings tell which domains to serve on which IPs and if multiple domains exist it doesn't really go anywhere. The host in this case should have provided you with a temporary address to access the server remotely while the domain propogation is taking place. Domain propogation can take anywhere from a few minutes to 72 hours. If your client's old registrar was also their host they could be dragging their feet in which case I would recommend to your client they move the domain to another host like a godaddy, namecheap, etc.
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