TICs are fractionalized, fee-simple interests in real property, which were increasingly used in 1031 tax-deferred exchanges since 2002 when the IRS clarified their compatibility for 1031 exchanges. While the purchase of TIC interest is technically a real estate transaction, TICs were largely sold as securities during their peak in 2003-2007. However, during that time there were many TIC sponsors that sold their TIC properties as real estate. In this format of tenant-in-common real estate ownership, investors receive their own warranty deed for the purchase of a fractional interest in an entire property. Through TIC ownership, the average person can enjoy the benefit of owning an institutional-grade property with a minimum investment. With minimums as low as $50,000, investors may own percentage interests in multiple TIC Properties for maximum diversification. TIC Properties remove the barriers of investment real estate ownership for the passive investor. An added benefit of real estate TICs is that they are investments available to non-accredited investors.