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hello and welcome to today's mini seminar on three things you must know about a multiple counteroffer situation I'm Jim or cart first before we get started there's a couple things you should know since this is viewable in countries all over the world we're dealing with real estate law and real estate principles for the state of California USA and in particular residential real estate one to four units which is your typical home sale or your typical condo sale this is being recorded on February 26 2014 again I'm Jim Urquhart before you go any further need to know just a little bit about me I am a California realtor I am a California licensed real estate broker and I am a California licensed attorney at law with respect to real estate I'm a full time realtor I specialize in residential real estate and with respect to law I'm a full-time attorney at law too and I specialized in tax audit defenses tax defense litigation and tax trials so enough of me let's get right into the subject matter we are dealing with this form we're dealing with a California Association of Realtors form entitled seller multiple counteroffer it's the car form SM Co seller multiple counteroffer form we're not dealing with this form we're not dealing with the straight counteroffer for more car form Co the the key the key difference right off the bat with the seller multiple counteroffer is the seller is signing this one twice and is picking which offer the seller is going to accept that's very different than the straight counteroffer form because in this form typically the seller is making a counteroffer to the buyer and they're actually maybe multiple counter offers back and forth without further ado here are the three things you must know about a multiple counter offer situation first the seller is in control here essentially what you've got here is when a seller gets multiple counter offers from offers from buyer one buyer to a buyer three etc through this form the seller multiple counter offer form the seller is actually asking the buyers to submit another offer to the seller on the terms specified by the seller in the SM Co then if they do that the seller then is going to pick which of the new buyer offers the seller is going is going to take so in a SM Co situation the sellers in control unlike the one party counteroffer or Co form with the multiple counteroffer SM Co if one or more buyers accepts there is no contract until the seller pick so when a buyer accepts the SM cos a buyer one and buyer two both accept it there's no contract yet because the seller gets to pick which of those the seller wants to go forward with so an SM Co in effect is an invitation for buyers to make another offer on the terms specified by the seller and then the seller is going to pick which to accept so the sellers really in control in the SM Co situation should know if you're a seller with multiple offers on your property you...