How to Track a Property Sale in MinRight

When you sell a mineral property, MinRight lets you record the sale while keeping the historical data intact. The property moves to a "sold" status, and all the payment history, lease records, and documents stay attached for tax and reference purposes.

Recording a Sale

1. Navigate to the property you sold

2. Click the Record Sale button

3. Fill in the sale details:

   • Buyer name: who purchased the interest
   • Sale date: when the transaction closed
   • Consideration: the sale price

4. Click Save

The property's status changes to Sold. It remains in your database with its full history but is clearly marked as no longer active.

Why Keep Sold Properties

Don't delete a property after you sell it. You need the records for:

• Tax purposes: the sale triggers a capital gains calculation. You need the payment history, your cost basis or stepped-up basis, and cumulative depletion previously claimed. Keep these records for at least seven years after the sale.
• Reference: if questions come up later about what you owned, what it paid, or what the terms were, the records are still there.
• Reports: MinRight can generate a Sold Properties Report showing everything you've sold, when, and for how much.

Generating a Sold Properties Report

After recording the sale, you can generate a PDF report of your sold properties:

1. Go to Reports in the sidebar
2. Select Sold Properties Report
3. Click Generate

This gives you a formatted document listing each sold property with the buyer, date, and sale consideration.

Updating Other Records

After a sale:

• The operator will eventually send a final royalty payment covering production through the sale date
• Log that final payment under the property before it goes inactive
• Any documents related to the sale (the deed, closing statement) can be attached to the property record