I would use a general journal entry to record the transaction.

• You need a debit to cash for the amount of money you received
• The asset account for the house should be credited for the full book value. In other words, if this house is in it's own GL account, whatever the balance of that account is should be the amount of the credit.
• Debit the accumulated depreciation account for the amount of depreciation that has been recognized so far on this house.
• Debit an expense account for any fees that you paid in this transaction.
• The difference will be either a gain (credit) or loss (debit). You should have an account named something like Gain/Loss on Sale of Assets.

StephenC, thank you so much for replying nicely :)

This is what I was able to get balanced... can you let me know if it makes sense?  

10200=cash

74000=closing costs expenses

73000=property tax expenses

27000=loan liability

41000=sales income

In your original post you said "I have several properties ...They are all separated in Sage by accounts." Your entry leaves the value of the house in its account. Let's say you paid $200,000 for the house and its account is 15500. You would need to change the last part of your transaction as follows:

15500   200,000.00 credit
41000    27,976.77 credit

If you have recorded depreciation for the house, you also need to get the accumulated depreciation off your books. If you have $10,000 of depreciation in 17500-Accumulated Depreciation, that would add another line to the entry:

15500   200,000.00 credit
17500     10,000.00 debit
41000    27,976.77 credit

How do I keep the GL entry in balance though ? Thank you for the hand holding :)

The profit is the balancing entry. After you have entered the required amounts to cash, fixed assets, accumulated depreciation, and notes payable, the remaining amount needed to the entry is your profit (or loss) on the sale of the property.