A condominium is created by a declaration or master deed by an owner stating that he is creating a condominium to be governed by the state condominium act. A condominium consists of individual units, common areas, and in some instances limited common areas. Each individual unit is owned as a fee simple. Some condominium units are owned as 99-year leaseholds. The common areas are owned by all the condominium owners as tenants in common.