Journal Entry for transferring land to new accounting system

the value of the property is the price paid, the loan amount plus any deposit, so using your figures, 974,467.58

do a journal entry
debit the fixed asset land for 974,467.58
credit the loan liability account for 711,167.24
credit opening balance equity for 263,300.34

Current market value of property never goes on your books, only the original cost basis and accumulated drpreciation. What you transfer on date of transfer is values from your balance sheet, which is current loan balance and original cost (not original loan)

So your loan to purchase was 8% higher than purchase price, which would account for closing costs but not down payment. All of that is added to the asset.

Example, property purchased for 900k with nothing down and 75k in closing costs has a basis of 975k

I am not an accountant and I have never accounted for land/buildings.  That being said, if land is treated like other fixed assets, I would:

1) Create a Fixed Asset account for the land; when creating  you can put the value in the "beginning balance" field to show the $900k value (which can later be appreciated or depreciated if land is treated like  other assets).  If FA account is incorrect type of account, I'm sure you can easily find the correct account type - I just don't know what it is (if not an FA).

2) Create a (long term) Loan Payable account; also using the beginning (original) balance of the loan and reduce the loan to it's present value with a journal entry (offsetting account to be "ask my accountant" or creating an adjustment account). 

Hope that works and I will watch the thread to see if there are alternatives/corrections to how to manage your situation.