Final answer:
The type of land contract that is not covered under the provisions of Indiana Code is an Installment Contract.
Step-by-step explanation:
The type of land contract that is not covered under the provisions of Indiana Code is the <strong>Installment Contract</strong>. An installment contract, also known as a land contract or a contract for deed, is a type of real estate contract where the buyer makes regular payments directly to the seller, without involving a traditional bank or lender. This type of contract is not addressed specifically in the Indiana Code, but rather governed by common law principles.
Unlike a mortgage, an installment contract involves the seller retaining legal ownership of the property until the buyer fulfills their payment obligations. Once the buyer completes all the payments, they obtain legal title to the property. However, if the buyer fails to make the required payments, the seller can cancel the contract and regain possession of the property.
It's important for buyers and sellers to seek legal advice before entering into an installment contract, as it can have different legal implications compared to traditional financing methods.