Escrow & Title
In New York, the 'REBNY Financial Statement' required by many NYC cooperative boards asks prospective buyers to disclose:
AOnly their current income
BA detailed picture of their financial condition, including assets, liabilities, income, and net worth, to allow the co-op board to assess the applicant's financial fitness✓ Correct
CTheir credit score only
DTheir employment history for the past 5 years
Explanation
The Real Estate Board of New York (REBNY) Financial Statement (or similar board package) required by NYC co-op boards provides a comprehensive snapshot of an applicant's financial condition: assets (liquid, non-liquid), liabilities, income sources, net worth, and proposed financing. The board uses this information to determine whether the applicant can afford the purchase and ongoing maintenance obligations.
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