You often see Cntg/KO or Cntg/NO KO. What does that mean?
This is a clause in a sales contract that permits a Seller to cancel a contract and return the deposit if a contingency is not removed within a certain period of time.
With a KO it is possible to make the current purchaser remove his contingency. If it is not removed, it is possible that you may be able to enter into a contract to purchase.
As always, read your contract!!