WV HB4493

Creates the West Virginia Abolishment of Wholesaling Act, making it illegal to enter into a contract to purchase real property with the intent to assign or transfer those contractual rights to a third party for a fee without taking legal title to the property

Defines "wholesaling" as the practice of contracting to buy property and then selling those contractual rights to another buyer, and "residential real property" as properties with fewer than four dwelling units

Allows sellers to cancel contracts and retain earnest money if they discover the buyer is engaging in wholesaling, at any time before escrow closes

Permits buyers to cancel contracts without penalty and receive full refund of earnest money if wholesaling is involved

Establishes a civil penalty allowing buyers to sue wholesalers for actual damages plus 20% of the difference between the original contract price and the amount the wholesaler received for transferring the contract