If you’re buying a co-op — and in many cases, a condo — in New York City, you’ll likely be asked to complete a REBNY (Real Estate Board of New York) standard Financial Statement as part of your board package. For first-time buyers, this form can feel like the most intimidating part of the process. Here’s what it is, why it matters, and how we help you get it right.
What Is the REBNY Financial Statement?
The REBNY Financial Statement is a standardized personal financial disclosure form used across nearly every NYC co-op building, and frequently requested by condo boards as well. It gives the board a clear picture of your assets, liabilities, income, and monthly expenses so they can evaluate your ability to comfortably afford the home — and keep up with monthly maintenance or common charges — over the long term.
What the Form Covers
**Assets & Liabilities**
This section totals everything you own — cash in banks, investments, retirement accounts, real estate you already own, and other liquid assets — against everything you owe, including loans, mortgages on other property, and outstanding debts. The difference is your net worth, which boards weigh heavily.
**Sources of Income & Monthly Expenses**
Here you’ll list your monthly income (salary, bonus, commissions, dividends, and other recurring income) alongside your current recurring monthly expenses, such as existing mortgage or loan payments. Boards use this to understand your monthly cash flow, not just your net worth.
**Closing Strength**
This section ties the purchase price, down payment, and estimated mortgage together to calculate your post-closing liquidity — how much cash you’ll have left over after closing costs, and your projected debt-to-income ratio. Most co-op boards have minimum thresholds here (commonly requiring 1–2 years of post-closing liquidity and a debt-to-income ratio below a set ceiling), and these thresholds vary building to building.
**Contingent Liabilities**
Boards also want to know about anything that could affect your finances down the line — co-signed loans, alimony or child support obligations, pending legal actions, unsatisfied judgments, or past bankruptcy.
Why It Matters
Every co-op board (and many condo boards) reviews this form as part of your application, and an incomplete or inconsistent statement is one of the most common reasons a board package gets sent back for revisions — costing you time in a competitive market. Some buildings also have specific liquidity and debt-to-income requirements that aren’t always obvious upfront.
How We Help
This is exactly where a buyer specialist earns their keep. Before you ever submit a board package, The Braswell Team helps you:
- Understand which liquidity and debt-to-income benchmarks the specific building you’re buying into typically expects
- Organize supporting documentation (bank statements, tax returns, letters of employment) to match what you report on the form
- Review your completed statement for the kind of inconsistencies that trigger board follow-up questions
- Time your submission properly within the broader contract and mortgage commitment timeline
If you’re just starting to think about a co-op purchase, we’re happy to walk through this form with you before you’re under contract, so there are no surprises later.