Here are some new rules and clarifications to make the auction process run smoother.
No more waiting around - If you win a US$ auction, your credit card will now be charged immediately and the land will be set for transfer. If you win a L$ auction, then the bid will be debited from your Second Life account and land set to go immediately, as in the past.
Re-stocking fee - If you are unable or unwilling to pay for land bought in an auction, then you will be charged a fee of US$25 (L$6000 for $L auctions) or 10% of your bid, whichever is higher.
No extended bidding - The bidding is no longer extended by last minute bids. You can prevent much of the unwanted sniping by using the maximum bid feature.
Preview before you bid - All new land up for auction in SL can be modified only within 4 meters from its original shape. Make sure the parcel works for you within this limit before you bid.
*Editied to add that the immediate charge to your credit card starts on Wednesday July 14.