4.4.2.4.5. Contingency Sales.Sales of property with a highest and best use for some form of development that requires rezoning or land use permits generally take the form of contingency sales or initial options.516 Such sales are contingent on the would-be purchaser’s ability to procure the rezoning or permitting necessary to develop the property to its highest and best use; if the rezoning or permitting is denied, the contingency is not met and the sale does not close (or the option is not exercised). Therefore, when such sales are actually consummated, they reflect the price of property already rezoned or permitted for development to its highest and best use. If, on the date of value, the property being appraised would require rezoning or permits to be developed to its highest and best use, completed contingency sales cannot be considered as comparable sales without appropriate adjustments to account for the risks, time delays, and costs associated with rezoning or permitting.517 As discussed in Section 4.3.2.4, appraisers cannot merely assume that such a rezoning/permit is in place for the property under appraisal or assume that such a rezoning/permit will be granted.518