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.