HB 3501
Relating to residential real estate transactions
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the West Virginia Abolishment of Wholesaling Act, aims to prohibit the practice of ‘wholesaling’ in residential real estate transactions within the state. It defines key terms like ‘wholesaler’ and ‘real estate broker,’ establishes exceptions for certain property owners, attorneys, and financial institutions, and ultimately makes wholesaling illegal. The bill seeks to regulate the real estate market and prevent potential exploitation associated with wholesaling.
Key provisions
- Defines ‘wholesaler’ as a person who earns income from transferring real estate interests.
- Defines ‘residential real property’ as property with fewer than five dwelling units.
- Establishes exceptions for property owners, attorneys handling estate matters, auctioneers, banks, and those acting under court order.
- Allows sellers to cancel contracts with wholesalers before escrow closes.
- Allows buyers to cancel contracts with wholesalers before escrow closes.
- Abolishes the practice of wholesaling in West Virginia.
- Creates the West Virginia Real Estate Commission to oversee the implementation of the Act.
- Specifies that the Real Estate Commission has the authority to make rulings regarding the prohibitions outlined in the Act.
Who is affected
- Real estate brokers and salespeople
- Real estate wholesalers
- Property owners
- Potential buyers of real estate
- The West Virginia Real Estate Commission
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours