HB 4493
The West Virginia Real Estate Wholesaling Accountability Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the West Virginia Real Estate Wholesaling Accountability Act, aims to prohibit the practice of real estate wholesaling in West Virginia. It defines key terms like ‘wholesaling’ and establishes penalties for those who engage in this activity. The bill includes provisions for sellers and buyers to cancel contracts related to wholesaling without penalty and allows for civil penalties against wholesalers.
Key provisions
- Defines ‘wholesaling’ as assigning contractual rights to real property for a fee.
- Defines ‘wholesaler’ as a person engaging in wholesaling.
- Abolishes the practice and regulation of wholesaling in West Virginia.
- Allows sellers to cancel contracts related to wholesaling without penalty.
- Allows buyers to cancel contracts related to wholesaling without penalty and receive a refund of earnest money.
- Establishes a civil penalty of 20% of the difference between the contract price and the wholesaler’s consideration for assigning the rights.
- Specifies that transactions where the buyer takes legal title before transferring the property are exempt.
Who is affected
- Real estate wholesalers
- Real estate sellers
- Real estate buyers
- West Virginia Real Estate Commission
- Residential property owners
Notable changes
- Prohibits the practice of real estate wholesaling entirely.
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