First off sand works wonderfully well for planted tanks. What I use is a sand base with a thin layer of gravel over the top. This keeps all the plants down and the roots from popping through the surface. It also makes water changes much easier as the sand isn't being sucked up. I you are just starting out with plants you can't go wrong with this.
As for the potting mix, I'm filling three 5,000 sq ft green houses right now for my spring planting cycle. Potting soils are generally called "soilless media". This means that there is no minerals based material i.e rocks, sand, silt, or clay. Instead they are generally comprised of ground and composted organic matter. Peat moss, bark, and coconut husk are all common bases. Rice hull, straw, and many others are currently becoming more common as the peat from the bogs in Canada are being diminished.
All the different potting soils are by no means equal. Some of them are decent (Miracle Grow isn't bad just very spendy) but many are horrible. Many people problems with growing plants is the potting soil that they use. Price is not a good measure of the quality of the soil. Some of the more spendy ones are actually very poor.
For the aquarium if you are using a potting soil you will want to look for a peat and bark based product. You do not want any vermiculite or perlite in the mix (unless you like floating things). Coconut husk, rice hulls, and most other bases generally float as well. You also want to be careful about how much fertilizer is amended into the soil. Chicken manure might be great for my vegetables but I don't want it in my tank. Also remember that ammonium-nitrate is 50% ammonia and 50% nitrate in solution. The ammonia is toxic to fish so the tank must be fully cycled before adding in livestock.
If you are using regular mineral based soil try to use a silty or clayey loam. These offer the highest CEC (cation exchange capacity) that holds nutrients at the root zone. This type of soil will actually remove ferts from the water column and hold them in the soil until the plant uses them. You also need to check the pH of the soil to make sure it is not to acidic or basic. The best soils have a slightly acidic pH of 6.0-6.5.