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REBNY Financial Statement: after the choice is made

REBNY financial statement

The process of buying real estate in New York city is sometimes complicated and exhausting. But finding the ideal apartment can be an exciting and rewarding, if tiring, process. This process doesn’t end once you find your new home though.

Completing the REBNY financial statement is one of the most important steps that a future buyer makes. This document helps the seller to make a decision concerning your offer. A financial statement shows your income and gives the seller confidence that you will be able to provide the amount necessary to purchase the apartment. As a rule, you don’t need this form if you will pay for the property in cash. Read more to learn how to fill out the REBYNY Financial Statement.

Who needs a REBNY financial statement and what is it for?

This financial statement is used by the real estate seller or broker to determine the paying capacity of the future buyer. Typically, the financial statement is necessary for individuals applying for a bank loan, mortgage or other credit, as they are required to provide adequate documentation so that the bank can consider the application and make a reasonable decision about its approval or rejection. That’s why the REBNY financial statement is so important in the process of selling the real estate. It should also be mentioned that if two people want to buy an apartment, the financial statement should provide information about both buyers.

Is the REBNY financial statement accompanied by other forms?

The possible buyer should show the financial statement together with a pre-approval letter for the sum of the loan. In some cases, it’s required to include other documents supporting your offer.

Does the REBNY financial statement have a validity period?

As a rule, the financial statement has to provide the financial information for the last two years.

What information should be provided in the REBNY financial statement?

The financial statement should contain the following information:

  • Name and address of the applicant and co-applicant
  • Information about the applicant’s assets (cash in banks, money market funds, contract deposit, bonds and stocks, accounts and notes, real estate, automobiles, personal property and furniture, life insurance, retirement funds, etc.)
  • Information about liabilities and contingent liabilities (notes payable to banks, relatives, and others; installment accounts for automobiles and others; real estate taxes, chattel mortgages, loans on life insurance policies, outstanding credit cards loans, other debts; alimony payments, child support, payments as endorser or co-maker on notes)
  • Information about sources of income (salary, overtime wages, bonuses, dividends and interest income, real estate income, other)
  • General financial information about the applicant (personal bank account, savings and loans accounts)
  • Information about projected monthly expenses (maintenance, apartment financing, other mortgages, bank loans, auto loans)

The applicant also should complete the schedules of bonds and stocks, real estate and notes payable. The statement must be dated and signed.

Where do I send the REBNY financial statement?

The buyer should submit the financial statement to the seller or his broker.