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In this North Carolina real estate tutorial, a deed of trust is defined as a security instrument where a borrower pledges real estate as collateral for a loan, ensuring repayment of a promissory note to the lender. In simple terms, it means if someone borrows money to buy a house and fails to repay, the lender can foreclose and reclaim the property. The speaker emphasizes that, at closing, it's reiterated that "if you don't pay, you don't stay," underscoring that the borrower retains ownership of the house only by making payments. Additionally, the tutorial clarifies that a deed of trust is not the same as a deed, which represents legal title to the property.
