Real Estate Accounting in Portland, Maine
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.
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Maine rules that apply here
- Deposit return deadline
- 30 days written lease, 21 days at will
- Statute
- 14 M.R.S. 6031-6038
Why Maine Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Portland
Experts in AppFolio Bookkeeping
Most states require deposits held separately and uncommingled. Maine goes further by putting the funds beyond the claim of the landlord's creditors or any other person or entity. The practical implication is that the account structure has to survive a scenario the landlord is not planning for, which means it cannot be an ordinary business account that happens to be used only for deposits, and it cannot be pledged or offset against anything.
Assigned, Responsive Team
That has a direct consequence for financing. Owners who have granted a lender broad security over business accounts need to know whether the deposit account sits inside that security, because if it does the arrangement does not meet the requirement. This is one of the few deposit rules that interacts with the owner's lending rather than only with the tenancy.
Accurate Monthly Bookkeeping
The return deadline varies by tenancy type: 30 days after the end of a written lease, and 21 days for a tenancy at will, unless a written agreement provides otherwise. So the same portfolio can carry two deadlines depending on how each unit is let, and at-will arrangements, which are common at the informal end of the market, carry the shorter one.
Deposit Compliance for Portland Portfolios
14 M.R.S. 6031-6038
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.
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.
All Maine requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 30 days written lease, 21 days at will deadline is answerable from the ledger
- Trust accounts reconciled three ways every month
- Deduction documentation recorded against the correct ledger
- Aging deposits flagged before the statutory window closes
Appfolio Bookkeeping Services from REA
Available to Portland Operators
Trust Bookkeeping
Leverage Appfolio's powerful bookkeeping capabilities with REA's tailored service.
See how it worksCorporate Bookkeeping
REA's skilled team, in combination with Appfolio's comprehensive toolset, addresses the complexity of your corporate financial activities.
See how it worksBank Reconciliations
Employing Appfolio's state-of-the-art system, REA offers bank reconciliation services that brings meticulous accuracy to your finances.
See how it worksFinancial Diagnostic Cleanup
REA utilizes Appfolio's advanced diagnostic tools to swiftly and effectively troubleshoot financial anomalies.
See how it worksTrust Compliance
REA pairs its accounting prowess with Appfolio's detailed reporting to deliver comprehensive Trust Compliance Verification services.
See how it worksAppFolio Accounting & Bookkeeping Services
For Portland Portfolios
- Process Review & Set Up
- Bank Reconciliations
- AP / AR
- Accurate NOI, Balance Sheets
- Recording HUD's & Accruals
- Owner Distributions
- Monthly Statements & Reports
- Management Fees
- Corporate Bookkeeping
- Tenant Chargebacks
Take the Whole Close, or One Function
Portland operators use REA for the full monthly close or for the single function that has become a bottleneck. Each one is performed inside your AppFolio instance.
Trust Accounting
Compliant, audit-ready trust funds
Learn moreBank Reconciliation Services
Three-way reconciliation, every account
Learn moreAccounts Payable & Receivable
Bills paid, rent collected, owners paid
Learn moreBookkeeping Cleanup & Catch-Up
Back books fixed and current
Learn moreCAM Reconciliation
Annual commercial true-ups
Learn moreExperts In All Property Types
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community Associations
- Commercial
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
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.
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
REA and team have been nothing but excellent helping our firm with its day to day financial needs. Their expertise, professionalism, and timeliness have made our lives so much easier. We foresee a long relationship with REA and team.
Frequently Asked Questions
What does beyond the claim of creditors mean in practice?
That the deposit account has to survive a scenario the landlord is not planning for. It cannot be an ordinary business account used only for deposits, and it cannot be pledged or subject to offset.
Does our lender's security affect this?
It can. If a lender holds broad security over business accounts and the deposit account sits inside it, the arrangement does not meet the requirement. This is one of the few deposit rules that touches the owner's financing.
How long do we have to return it?
Thirty days after a written lease ends, or 21 days for a tenancy at will, unless a written agreement says otherwise. A portfolio with both carries two deadlines.
More in Maine
Other Maine markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Portland
Schedule a call and we will review your AppFolio setup, your Maine deposit handling, and what it takes to close clean every month.