WV HB3501

Prohibits real estate "wholesaling" in West Virginia, making it illegal for a person to enter agreements to profit from transferring equitable interests in residential real property (properties with fewer than five dwelling units)

Allows sellers to cancel contracts with wholesalers at any time before escrow closes without penalty and retain any earnest money paid by the wholesaler

Allows buyers to cancel contracts involving wholesaling at any time before escrow closes without penalty and receive a full refund of earnest money

Establishes that publicly marketing an equitable interest in a purchase contract for a fee constitutes acting as a real estate broker, requiring proper licensure

Grants the West Virginia Real Estate Commission authority to make rulings concerning enforcement of the wholesaling prohibitions