Real Estate Bookkeeping In Maine
Portland concentrates the financing question, since owners with broad lender security over business accounts may not satisfy the creditor-protection requirement. Bangor runs a high share of at-will tenancies, where the 21-day deadline applies and tenancy type is a field almost nobody maintains. Augusta is dominated by small owners, for whom the separate-account requirement is a structural failure rather than an oversight.
Locate the city nearest to you and select your software below to learn more. Don’t see your city? Schedule a meeting with us to learn more about how REA can help your property management accounting needs.
Maine at a glance
- Security deposit return
- 30 days written lease, 21 days at will
- Governing statute
- 14 M.R.S. 6031-6038
- Cities we publish
- Portland · Bangor · Augusta
What Maine Law Changes About Your Books
Deposit Handling and Trust Requirements
Trust and deposit rules are set state by state, and they change the accounting itself, not just the paperwork around it. A deadline is a ledger requirement: you cannot return a deposit inside a statutory window if the ledger cannot say what is owed.
Security deposits
Maine caps the deposit at two months' rent and sets the return deadline by TENANCY TYPE: 30 days after a written lease ends, but 21 days for a tenancy at will, unless a written agreement provides otherwise. Missing either forfeits the right to retain any portion, and continued retention supports a presumption of wrongful retention with double damages and fees.
Trust and segregation
Maine words custody more strongly than almost anywhere: the deposit must be held separately, not commingled, and BEYOND THE CLAIM OF THE LANDLORD'S CREDITORS or any other person or entity. That is a solvency protection rather than a bookkeeping instruction, and it means the account cannot be an ordinary business account used only for deposits, nor pledged or subject to offset. It is one of the few deposit rules that interacts with the owner's LENDING rather than only with the tenancy.
What we do about it
- Deposit liabilities tracked per tenant, so a 30 days written lease, 21 days at will deadline is answerable from the ledger
- Trust accounts reconciled three ways, including every beneficiary balance
- Deduction documentation recorded against the correct ledger, not filed separately
- Aging deposits flagged before the statutory window closes
Summary of statutory requirements provided for orientation. It is not legal advice, and local ordinances can impose stricter rules than the state minimum.
Cities We Cover in Maine
Market by Market
We work with property managers and investors across all of Maine, all 461 cities and towns of it. The markets below are the ones we publish Maine-specific detail for. If yours is not listed, the same team and the same 14 M.R.S. 6031-6038 rules still apply.
Portland
Maine words its custody requirement more strongly than almost any other state: the deposit must sit beyond the claim of the landlord's creditors. That is a solvency protection, not just a bookkeeping instruction.
Bookkeeping by platform
Bangor
Maine gives at-will tenancies a shorter deposit deadline than written leases, and at-will arrangements are common in smaller Maine markets. The distinction is a compliance variable most systems do not record at all.
Bookkeeping by platform
Augusta
Augusta's rental market is dominated by small owners with a handful of units each, and Maine's custody requirement is the one that small portfolios are least equipped to meet.
Bookkeeping by platform
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We Work Inside Your Platform, From Anywhere in Maine
Services Available in This State
Every back-office function below is available on its own or as part of a full monthly close, anywhere in the state.
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community AssociationsSee the page
- CommercialSee the page
Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
Smaller portfolio, still looked after
Adam the owner took a personal interest in my situation and was willing to work with me to see if his company was a good fit. I may be too small for them but I would highly recommend them to anyone considering a bookkeeper for their property management business.
Came from a bookkeeper who did not know real estate
Following a series of erroneous financials from my previous bookkeeper, who lacked expertise in real estate, it's been truly remarkable to receive not only accurate financials on a consistent basis but also proactive advice without prompting. The REA team is a game-changer in real estate accounting!
Real-estate-only specialists
As REA exclusively specializes in Real Estate, I rest easy knowing my financials are precise every month while saving money at the same time, an invaluable benefit.
230+
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Up to 50%
Saved vs In-House
Every month
On-Time Close
Property Accounting for Maine Portfolios
Schedule a call and we will walk your Maine deposit and trust setup, tell you whether it reconciles today, and scope the monthly work.