Property Management
A Maine landlord who fails to return a security deposit within 21 days without a written itemization may be liable for:
AThe deposit amount only
BTwice the deposit amount as a penalty✓ Correct
CThree times the deposit plus attorney fees
DNo penalty if the landlord has a valid reason
Explanation
Maine law (14 MRSA Section 6033) provides that a landlord who wrongfully withholds a security deposit may be liable for twice the amount wrongfully withheld as a penalty.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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