Buying on the Upper West Side comes with one extra hurdle you may not see in other cities: the REBNY Financial Statement. If you are a first-time Manhattan buyer or purchasing from abroad, the form can feel technical and opaque. With a bit of structure, you can present your assets clearly and avoid back-and-forth with a co-op or condo board. In this guide, you will learn what the statement covers, how UWS boards use it, and how you and your advisors can package a clean, board-ready submission. Let’s dive in.
What the REBNY financial statement covers
The REBNY Financial Statement is a standardized summary of your finances. Boards, lenders, and attorneys use it to see your income, assets, liabilities, and liquidity at a glance. Here is how to approach each section.
Identifying information and declarations
This section lists your name, contact details, the property you are buying, and required signatures. Some versions ask for notarization.
- Keep your legal name, address, and purchase details consistent with your contract and ID.
- Sign and date where indicated. If notarization is required, plan for it early.
- Any mismatch with your contract or ID invites questions, so double check.
Employment and income
You will list employer, role, years in position, and all income sources, including salary, bonuses, and investment or business income.
- Boards look for stability and recurring income.
- If you are self-employed, include recent tax returns, profit and loss statements, and any K‑1s.
- International buyers should include translated employment letters and a short note explaining nonstandard income like dividends or trust distributions.
Assets
You will itemize liquid accounts and longer-term holdings, along with real estate and business interests.
- Include checking, savings, money market funds, CDs, securities, and retirement accounts. Attach the most recent statements.
- List real estate you own with address, estimated market value, and current mortgage balance.
- For large or unique assets such as art or private equity, provide substantiation if you include them.
- Boards focus most on liquidity and traceability. Statements beat summaries.
Liabilities and debts
You will disclose mortgages, lines of credit, personal and student loans, auto loans, margin loans, credit cards, and any other obligations.
- Boards review debt-to-income, total monthly payments, and payment history.
- Disclose contingent liabilities such as guarantees or legal obligations.
Monthly income and expense summary
Some versions include a monthly budget that adds your new carrying costs.
- Show your gross and net income, plus the projected mortgage and maintenance or common charges for the Upper West Side property.
- Boards want to see that you can cover new housing costs plus existing obligations even if income fluctuates.
Net worth and liquid net worth
The form totals assets minus liabilities to calculate net worth, and separates out liquid net worth.
- Co-op boards often focus on liquid assets that can cover post-closing costs.
- Retirement accounts may count toward net worth, but some boards discount them for liquidity.
Source of funds and source of wealth
You will explain how you funded the down payment and closing costs.
- Acceptable sources include savings, sale of property, gifts, loans, or trust distributions.
- Provide a clear, verifiable chain of funds. Gifted funds require a gift letter and donor statements. Foreign gifts often need notarization or apostille and translation.
Certifications and authorizations
Expect to sign authorizations that allow management to verify your bank, credit, and employment information.
- All signatures must be complete for standard underwriting.
- Be ready for third-party verification.
Attachments and supporting documents
Most UWS boards expect robust backup.
- Include two years of federal tax returns, 2–3 months of bank statements, recent brokerage statements, pay stubs, employment letters, ID or passport, and the executed contract.
- International documents may require certified English translations, notarization, and apostille.
How Upper West Side boards use your statement
UWS buildings include many prewar co-ops and luxury condos. The culture of review is detail oriented, and standards can be conservative.
Co-ops vs condos on the UWS
- Co-ops typically apply stricter underwriting. They focus on liquidity, debt levels, and income stability, and they may ask about off-balance-sheet obligations.
- Condos can be less intrusive. Some sponsor sales or resales still request a full financial package, but many rely on mortgage pre-approval and proof of funds.
Liquidity expectations
While each building sets its own bar, a practical rule of thumb is to show liquid reserves for at least 6 to 24 months of total carrying costs. Confirm expectations with the listing broker or managing agent for the specific building.
Nonstandard issues that may come up
- Subletting rules, flip taxes, and proprietary lease obligations can affect your cash flow.
- Sponsor units may have different document requirements than resales.
How to present your finances clearly
Well-prepared statements reduce questions and speed approvals. Use these best practices to make your packet easy to review.
Documentation best practices
- Use original bank and brokerage statements with visible account details and balances.
- Convert foreign currency to USD and note the conversion date and rate source.
- Provide certified translations and apostilles for foreign documents when required.
- Include continuous 2–3 month statement histories and document large deposits.
- For gifts, include a signed gift letter, donor statements showing the transfer, and donor ID.
- For retirement funds, add plan statements and note any early withdrawal penalties if counted as liquidity.
Clear organization and labeling
- Add a one-page cover sheet with totals: cash, investments, real estate, liabilities, net worth, and liquid net worth.
- Cross-reference every line item to an exhibit. Example: Exhibit A for a bank statement, Exhibit B for a brokerage statement.
- For complex portfolios or trusts, use a simple asset map showing institution, masked account number, value, and liquidity status.
- Consider a short narrative or accountant letter to explain any unusual items such as business valuation methods or pending settlements.
For accountants and wealth managers
- Provide a signed letter on firm letterhead confirming your review and the net worth calculation, plus any valuation assumptions.
- Deliver a single consolidated PDF: completed REBNY form followed by exhibits in order.
- For international clients, include a bank reference letter in English that confirms average balances and account standing, plus notarized and translated documents as needed.
- Prepare two years of tax returns and K‑1s. If the buyer owns a private business, include a year-to-date profit and loss.
Red flags to address before submission
- Large, unexplained deposits. Provide source documents such as sale agreements or redemption statements.
- Recent liquidations. Explain the purpose and whether transfers will continue.
- High margin debt or concentrated positions. Include margin statements or a risk plan.
- Offshore or complex trust structures. Add ownership charts, trustee letters, and legal opinions where helpful.
International buyer essentials for the UWS
If you are purchasing from abroad, you can still assemble a smooth package with proper planning.
Identification and KYC
- Include passport and visa details, plus a US mailing address.
- Some co-ops may request proof of US tax filings or an ITIN.
Currency and transfers
- Confirm wire instructions early and plan to have funds in a US account before closing.
- Document the source of funds through bank statements, sale contracts from prior property, escrow statements, or a notarized declaration.
Legalization and translation
- Many Upper West Side boards require foreign documents to be notarized and apostilled or consularized.
- Use certified English translations.
Tax and banking notes
- If you are not a US resident, consult US tax counsel on local tax implications for income and transfers.
- Bank reference letters from internationally recognized institutions can speed verification when they confirm average balances and account standing in English.
A simple preparation workflow
Use this practical flow to keep the process efficient.
- Gather core documents
- Two years of federal tax returns and all schedules.
- Two to three months of bank and brokerage statements.
- Recent pay stubs and an employment letter, if applicable.
- Map and label assets
- Create an asset summary page with totals and liquidity notes.
- Label each account statement as an exhibit and cross-reference it to the form.
- Document source of funds
- Provide a timeline for down payment and closing funds.
- Add gift letters and donor statements when relevant.
- Address special items
- Write a short explanation for large deposits, recent asset sales, or business valuations.
- Include translations, notarizations, and apostilles for foreign documents.
- Final review and signatures
- Confirm all identifying information matches your contract and ID.
- Sign certifications and authorizations and notarize when required.
Final checklists before you submit
Buyer checklist
- Completed and signed REBNY financial statement.
- Two years of federal tax returns, 2–3 months of bank statements, recent brokerage statements, pay stubs, employment letter, and purchase contract.
- Gift letters and donor documents if using gifted funds.
- Passport or ID, and for international buyers, certified translations and apostilled documents as required.
Accountant and wealth manager checklist
- Consolidated asset and liability summary with exhibits in order.
- Signed accountant letter describing methods and assumptions.
- Currency conversion schedule with sources and dates.
- Proper notarization or certification for foreign materials when needed.
Preparing a precise, well-labeled REBNY financial statement helps Upper West Side boards understand your profile quickly and with confidence. If you want an experienced advisor to coordinate your packet with your accountant, wealth manager, and attorney, reach out to Marina Bernshtein to schedule a confidential consultation.
FAQs
What is the REBNY financial statement in NYC co-op and condo purchases?
- It is a standardized summary of your assets, liabilities, income, and liquidity that boards, lenders, and attorneys use to evaluate financial capacity and readiness to close.
How do Upper West Side co-op boards assess liquidity?
- Many look for liquid reserves that can cover several months of total carrying costs, often in the range of 6 to 24 months. Confirm the exact expectation with the building.
Can I use gifted funds for my down payment on the UWS?
- Yes. Provide a signed gift letter, donor bank statements showing the transfer, and donor ID. For international gifts, expect notarization and certified translations.
Do I need to include retirement accounts on the statement?
- Yes. Boards typically count them toward net worth, but some discount their liquidity, so show additional liquid assets for post-closing reserves.
What should self-employed buyers provide for income proof?
- Include the last two years of tax returns, year-to-date profit and loss, and bank statements that show deposits from your business.
