REBNY Financial Statement Template (2025)
Go Back To Previous PageDoes the listing agent ask you to submit a REBNY financial statement form in NYC with your offer to buy an apartment? A REBNY form was only provided for the NYC real estate market co-ops. However, this financial disclosure form became a document accompanying all offers for properties listed in the Real Estate Board of New York’s RLS. Here is a REBNY financial statement spreadsheet.
It allows you to quickly complete your REBNY Financial Statement and use it in every offer we place. The REBNY Statement is almost always required when submitting an offer on a co-op apartment in NYC. This Statement is a high-level summary of your assets, liabilities, income, and projected expenses.
It lets the listing agent and seller ascertain whether you meet the co-op’s financial requirements, which usually consist of the debt-to-income ratio and post-closing Liquidity.
This financial disclosure form has become a de facto document accompanying all offers for properties listed in the Real Estate Board of New York’s Residential Listing Service (commonly referred to as the RLS in NYC).
Download our REBNY form template.
1. Is a REBNY Financial Statement required in NYC?
Technically, New York State law does not require a REBNY residential form financial statement with an offer. However, it has become the standard. All offers submitted to a listing agent (with or without a form) must be forwarded to the seller.
Then, if you want the seller to take your offer seriously, the answer is yes. You should include a REBNY statement.
Co-op board rejections frequently happen in NYC, and the last thing you want is the denial to result from the buyer not passing the board’s financial requirements. Therefore, as a buyer, you should complete the REBNY form financial Statement even if you feel it’s somewhat invasive.
Generally, you will not request the buyer to include a REBNY Statement, co-op sponsor units, condos, or new construction. A pre-approval letter, proof of funds, and your offer level (price, % down, and contingencies) will suffice for these situations.
2. Why do I need to fill it out?
Sellers use the form and listing brokerage firms to evaluate the relative strength of offers. They determine who remains the most financially qualified and likely to pass the co-op board. An economically stable candidate is good because it can help make you stand out, especially in a bidding war.
Most New York City apartment inventory is co-op apartments. Therefore, it is incredibly likely that the buyer’s broker will ask for this Statement.
3. What does this REBNY Financial Statement include in NYC?
The REBNY form combines a personal balance sheet and an income statement for those familiar with accounting.
- The balance sheet asks you to list all assets (cash, stocks, bonds, properties, etc.) and liabilities (loans, mortgages, etc.).
- The income portion asks for your income and that of any co-applicants. You must be specific and break down your income by salary versus bonus. To make your income as strong as possible, include other income sources, such as investments (dividends and interest). If you have any questions, feel free to ask NestApple.
Working with an experienced buyer’s agent will help ensure you are fully informed about each co-op’s nuances and requirements. I don’t want to invest too much time in something that may not fit.
a) Assets:
Under the assets section, you must fill in the itemized schedule and list all liquid and non-liquid assets for yourself and any co-applicant (spouse, significant other, etc.). When a listing agent reviews the assets section of the REBNY financial statement, they will be looking to see if you have enough liquid assets to cover the following items:
- Down Payment – usually a minimum of 20% for most co-ops
- Closing Costs – 1% to 2% for co-ops in NYC
- Post-Closing Liquidity – 12 to 24 months’ worth
Most co-ops have specific guidelines for the amount of post-closing Liquidity a new shareholder (purchaser) should have after closing the apartment. If you buy all cash, ‘post-closing liquidity’ means the number of liquid assets available to cover the monthly co-op maintenance.
If you are financing the unit, ‘post-closing liquidity‘ means the number of liquid assets you have to cover the monthly mortgage and maintenance bills. Co-ops often look for anything between one and three years of post-closing Liquidity.
In some cases, the amount the board is looking for is also related to the substantialness of your debt-to-income ratio.
4. When should I submit the REBNY Financial Statement?
We recommend completing this form if you plan to buy in New York. Also, secure a mortgage pre-approval. When you find the apartment you love, you aren’t scrambling to get your documents ready to offer to your agent. No matter what agent you choose, or if you decide to go alone, the listing agent will likely still ask you to fill out this form.
5. What if I don’t want to fill it out?
People often express that they are uncomfortable disclosing personal and financial information. Unfortunately, if you don’t include it, you may put yourself at a significant disadvantage. In the case of co-ops, the board application process is excruciating and intrusive. These items will eventually come up.
It is good to disclose your financial information clearly and honestly up front. If you can’t afford a co-op (or condo), it is best to know early on to move on to the next place. Generally, the more transparent and clear your offer is, the more likely it will stand out from other buyers.
6. When should I fill out the REBNY Financial Statement spreadsheet?
Suppose you are planning to buy in NYC. In that case, we recommend that you complete this form ahead of time and secure pre-approval. This way, when you find the apartment you love, you won’t have to scramble to prepare documents to make an offer with your agent.
No matter what agent you choose or if you decide to go alone, you will still need to fill out this form. It is a great way to show that you meet the financial requirements of a building.
7. Do You Need To Provide Backup For an REBNY Financial Statement spreadsheet?
When you submit bids, a REBNY financial statement spreadsheet does not need a backup. It gives the seller and listing agent a rough idea of your finances. If the seller is unsure whether the board approves you, they may return and ask for additional details and documentation. For example, the board requires a debt-to-income ratio under 25%, and you are at 26%.
If a substantial portion of your income is from an annual bonus, the listing agent may ask for your bonus for the last three years to ensure it hasn’t fluctuated too much.
Written By: Georges Benoliel
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.