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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 secured by a promissory note. Essentially, if a borrower fails to repay the loan for purchasing a home, the lender has the right to foreclose and reclaim the property. The narrator emphasizes the phrase "if you don’t pay, you don’t stay," highlighting that homeowners must make payments to retain possession of their property. Additionally, a deed of trust is clarified as distinct from a deed, which represents legal title to the property, reinforcing that the two are not interchangeable.