In Maine, when a property’s ownership is transferred to a new owner, the old landlord must provide the new landlord with an accounting of the held deposits, transfer the deposits to the new owner, notify the tenants of the transfer and new owner’s contact information, and the new landlord is to return the deposits at the end of the lease term. If the property is sold, this must occur at real estate closing.
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The information for this answer was found on our Maine Security Deposit Law answers.
