A contingent contract, no kickout is one where the buyer has inspections or financing pending but does not have a home to sell, also. As each inspection process or condition is performed and issues resolved and released the contingencies are removed. This should eventually evolve into a home under "contract" reflecting no further contingencies and proceeds to close.

A contract with a kickout involves a buyer who must sell or settle on their existing home in order to proceed to settlement on the next. When or if the seller of that next home receives subsequent competing offer(s) that is acceptable to them they can put the current buyer on notice to remove their home sale contingency and proceed or be "kicked out" of the contract in favor of the next buyer.

Homes with a CNTG/KO are often a good option if you are home shopping and not finding active properties that meet your criteria. If your offer is acceptable to the seller you will usually know within 48-72 hours if the other buyer can proceed or has been kicked out. The number of CNTG/KO homes are a smaller percentage of the homes on the market now since short sales and foreclosure homes will not allow a buyer to put a home sale contingency on their contract. One exception to that is if the buyer has a contract existing and closing eminent on their home and they may accept it as a "coinciding settlement", which is still a home sale contingency in fact.

Hope this helps!