Hello, I'm purchasing a single family home from family without an agent & want to make sure the Purchase & Sales Agreement I drafted is adequate. My main concern is regarding cost-basis and future capital gains tax when I ultimately sale the property. I'm ready to get my draft notarized but thought it would be best to find a real estate attorney to review first. Not looking to spend too much money as this deal is amongst trusted family members and I just want to make the transaction legitimate. Any affordable referrals would be appreciated. Thank you
The contract shouldn't affect your basis, that will be based on what you pay for the property (unless there's some money changing hands outside of closing, which probably wouldn't be documented in the first place). The legitimacy of the contract probably only really matters if you have to go to court/arbitration to enforce it.
That said, your title company would be a good place to start in terms of getting a legal review, I'm sure they have a real estate lawyer(s) on staff or retainer depending on the state.