Resale during a land contract: Who receives the gains?

[Sean Dezoysa]

I know there are some land contracts where payments are treated as rent, and others where payments count towards the balance on a note.

Most of the time when a buyer resells the house before the full term is up, is he getting any gains from appreciation? I know in the later case he will be credited for "equity" but am unclear if it is the (initial) seller, or the buyer that receives appreciation gains when the buyer resells the house before deed transfers to him.