The West Virginia Real Estate Wholesaling Accountability Act

HB 4493, the West Virginia Real Estate Wholesaling Accountability Act, makes real estate wholesaling illegal in West Virginia. It defines "wholesaling" as entering property purchase contracts with intent to transfer contractual rights to a third party for a fee without taking legal title, specifically affecting residential transactions involving properties with fewer than four dwelling units. The bill prohibits wholesaling, allows sellers to cancel contracts without penalty and retain earnest money, requires buyers to receive full refunds, and imposes a civil penalty of 20% of the profit difference for unlawful transactions. This legislation directly impacts real estate wholesalers and their transactions, replacing current practices with specific legal remedies and penalties.