When you sign OTP and place signed the OTP and placed a 5% downpayment, the property does not belong to you yet.
"Pending completion of your purchase, your lawyer will lodge a caveat against the title to the property - this serves to notify the public (and any third party interested in the property) that you have a valid interest or claim to the title of the property arising from the contract for the sale and purchase." -
Law society of Singapore
"This Caveat is then published and made available to the public. This serves to inform the public that you have a vested interest or claim in the property which has the corresponding property title. During this period, if there are other claims or counter claims on the property title, they must be raised at that time. Lodging a caveat increases the protection to the buyer from future legal challenges on the legality of the sale process... This caveat is made known and public and serves to inform the public of your claims and impending interests on the said property title. This is to give time to counter claims or legal challenges which may arise. Some buyers do not lodge caveats so as to stay under the radar. But the lawyer usually lodges the caveat unless instructed specifically not to do so." -
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