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In this North Carolina real estate tutorial, the definition of a deed of trust is explained. It is defined as a security instrument where a borrower pledges real estate as collateral for a loan, based on a promissory note. In simpler terms, this means that when someone borrows money to buy a home, they must agree that if they fail to repay the loan, the lender has the right to foreclose and reclaim the property. The speaker emphasizes that borrowers must make their payments to retain ownership, encapsulated in the phrase, "if you don’t pay, you don’t stay." Additionally, it clarifies that a deed of trust is different from a deed, which represents legal title to the property.
