confused

Hello everybody I am extremely confused . I applied for ba psychology honors in aryabhatta as a male . I have made the cut off list and got alloted a seat . My questiona are

1. does this confirm my admission? My documents are under review and some have already been confirmed.
2. Does everybody who make the cut off list get a seat allotment letter or does the college chose whom to give it to?
3. Is it first come first serve basis?
4. Other than invalidity of documents or unable to do formalities in the stipulated period of time can they reject my seat or no?

Also should I be celebrating or no?

I am hella confused. Kindly help Thanks