Bill > HB4493

This bill, titled the West Virginia Abolishment of Wholesaling Act, defines "wholesaling" as entering into a contract to buy real property with the intention of selling that contract to someone else for a profit without ever legally owning the property, and defines "wholesaler" as someone who does this. The bill then abolishes and makes illegal the practice of wholesaling in West Virginia, with an exception for situations where the buyer takes legal title to the property before transferring it. For violations, sellers can cancel contracts and keep any earnest money, while buyers can cancel contracts, get their earnest money back, and sue the wholesaler for actual damages plus a civil penalty equal to 20% of the difference between the original contract price and what the wholesaler ultimately received for the contract. The West Virginia Real Estate Commission is also mentioned in the definitions.

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http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4493&year=2026&sessiontype=RS&btype=bill