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In the North Carolina real estate show, the concept of a deed of trust is defined as a security instrument where a borrower pledges real estate as collateral for a loan, typically through a promissory note. This means that if the borrower fails to repay the loan, the lender has the right to foreclose and reclaim the property. At closing, it's emphasized that the phrase "if you don’t pay, you don’t stay" applies—homeownership is contingent on making payments. Additionally, a deed of trust is often confused with a deed; however, they are distinct, as a deed represents legal title to the property.