Q: How much can I charge for a damage deposit?
A: Maine's landlord-tenant laws allow you to ask for a maximum of two months' rent as a security (or damage) deposit. The deposit must be returned to the tenant within 30 days of the date on which the tenancy ends (if there's a written agreement) or within 21 days (if there's no written agreement). However, the security deposit requirements do not apply to units in buildings made up of 5 or fewer units, provided that the landlord lives in one of the units.
Q: Am I entitled to charge a late fee if my tenant doesn't pay the rent on time?
A: Yes, but under Maine laws the rent is not considered late until 15 days have elapsed without it being paid. After that time you can charge a late fee that does not exceed 4% of the amount due for one month.