A REBNY financial statement summarizes your assets, debts, income and projected monthly expenses. If you are buying a co-op or condo in NYC, it helps a seller understand your financial position alongside the price and terms of your offer.

For co-op buyers, the important question is not simply what you are worth. It is also how much money you will have available after closing.

At BRN, we help buyers prepare their financial statements and understand building requirements, and return half of the commission we receive, up to 1.5% of the purchase price.

What is a REBNY financial statement?

REBNY stands for the Real Estate Board of New York. Its financial statement brings a buyer’s financial information into one document: what you own, what you owe, what you earn, and the expenses you expect after the purchase.

It describes your finances. It is different from the building’s financial statements, which describe the co-op or condo association.

Do you need a REBNY financial statement to make an offer?

A seller or listing agent may request a REBNY financial statement with your offer, particularly for a co-op. It can also be requested for a condo purchase. Ask which form and supporting documents are needed before submitting an offer.

The offer-stage statement is separate from the full co-op board package that follows an accepted offer and signed contract. The building may require its own form and additional records. Preparing the statement does not replace lender review or board approval.

How to complete a REBNY financial statement

Prepare a draft before you are ready to make an offer. Gather recent bank, investment and loan statements, together with records supporting your income. Use a clear as-of date so the figures tell a consistent financial story.

REBNY’s forms page lists the Financial Statement Worksheet. Your buyer’s agent can confirm the version to use for your offer or building application.

1. List your assets. Record current balances and values in the appropriate categories. Keep cash and taxable investments separate from retirement accounts, property and business interests.

2. Record your liabilities. Use outstanding debt balances for mortgages, student loans, credit cards and other debts. Do not substitute the monthly payments for the balances.

3. Separate income sources. Report annual income in the form’s income section. Separate base salary from bonuses, commissions and other income; use figures you can document.

4. Project monthly expenses. Include the proposed mortgage, maintenance or common charges, property taxes where applicable, and other recurring obligations. Confirm estimates with your lender and the building.

5. Reconcile the totals. Count jointly held assets once in the combined totals. Account for any contract deposit already paid, complete applicable fields and supporting schedules, and refresh the figures if balances or purchase terms change.

Net worth and post-closing liquidity are different

Net worth is total assets minus total liabilities.

Post-closing liquidity is the eligible cash and readily convertible assets remaining after your down payment, closing costs and any other payments due at closing.

A retirement account or property interest may add to net worth without being accepted as available reserves. A co-op may also apply its own rules to securities, restricted funds or other assets.

Ask about the building’s financing limit, required reserves and how it treats your assets before you make an offer. Mortgage pre-approval does not settle those questions, and no single reserve requirement applies to every NYC co-op.

A simple post-closing liquidity example

Suppose a buyer has $300,000 in cash, $350,000 in taxable investments and $500,000 in retirement accounts, with $150,000 in existing debts. Their net worth before the purchase is $1 million.

For this illustration, assume the building accepts all $650,000 of the cash and taxable investments as liquid assets, and excludes the retirement accounts from reserves. On a $2 million purchase:

If the mortgage and maintenance total $12,500 a month, the $200,000 equals 16 months of those housing payments. It does not measure coverage of all living expenses or establish that the buyer qualifies for the building.

The example assumes no other payments at closing and starting balances before any contract deposit. The $50,000 is an illustration; use a property-specific estimate. Our NYC buyer closing costs guide explains the main charges.

Common mistakes to avoid

• Listing property equity as the asset value and then subtracting the same mortgage again.

• Counting a joint bank or investment account in both applicants’ totals.

• Mixing annual income with monthly expenses.

• Assuming every asset qualifies as post-closing reserves.

Preparing an offer with BRN Partners

We help NYC buyers look at the purchase as a whole: the asking price, the building’s requirements, the monthly costs and the funds remaining after closing. We can help organize your financial statement and offer materials, working with your attorney and lender on the parts that need their input.

We guide your search, assess pricing and negotiate on your behalf through closing. We return half of the commission we receive to our buyers, up to 1.5% of the purchase price.

See how BRN represents NYC buyers.

Buying a co-op or condo in NYC?

Tell us where you are looking, or send us a listing you are considering. We can discuss the property, the building’s financial requirements and how we would approach your offer.

Talk with BRN.