What is OTP selling?

The OTP groups consist of sellers selling OTPs for app-based services ranging from Uber, Ola and PayTm to Cafe Coffee Day and BookMyShow. OTPs are usually used to authenticate a signup or cash in on freebies like cashbacks, discounts and rewards; they’re also help in detecting a returning user.

What is s code OTP?

OTP means One Time Password: it’s a temporary, secure PIN-code sent to you via SMS or e-mail that is valid only for one session. If you cannot receive and confirm the OTP code, you will not be able to continue with your account registration.

Can seller back out after signing OTP HDB?

Either party can back out after the OTP has been exercised, but not without cost. If you (the HDB flat seller) are the one backing out, you’ll have to return the deposit to the buyer.

What happens when someone gets your OTP?

On tapping into the messages and after procuring the OTP, fraudsters typically transfer money from the victim’s account to their own. If your phone is compromised, then all the OTPs will be diverted without you realising it.

Is OTP a contract?

An OTP agreement is a legal contract signed between a buyer and a seller of a residential property, and basically gives the buyer the exclusive rights to purchase a property from the seller in the future.

Is OTP deposit refundable?

The OTP is a non-refundable deposit used to “book” your house. The OTP allows a buyer to “lock down” the property they’re interested in, while also protecting the seller (they don’t want to turn down other prospective buyers in favour of you, and then find out later you’ve changed your mind).

Can a seller cancel an OTP?

The buyer will usually not be able to cancel the OTP after both parties have signed without any consequences, unless the OTP specifically provides for this. One of the few exceptions would be if the provisions of a suspensive condition are not met.

https://www.youtube.com/watch?v=qGDg5YE3pjM