Buying land is one method to gain possession of land. Another popular way is to participate in a land auction. Residents with a Premium Membership are eligible for an auction. Before residents think about biting for new land, they should be aware that with new land monthly costs "tiering up" improve.
The "Second Life Auction House" gives an overview of land that is available through auctions.
Examples for land in the "Second Life Auction House" in US$. (Source: www.secondlife.com)
Land will be offered in US Dollar or Linden $. Of cause the Second Life account has to be covered when participating in an auction.
Besides the auction house there are other possibilities to do research for land to be auctioned: In the main menu of Second Life select "Find" and choose "Land Sales". Check the box "Auction" and select "Search". Now you get an overview of land available. Or open the world map and mark the checkbox "Land Sales". Now land will be displayed in the map. Even land that soon will be part of an auction will be marked. With the common double click on the map the resident will teleport to that spot and can examine the land.
The auction uses the "Maximum Bit System". As long as the resident has the highest bit, the bit will be placed 1 US$ or 1 L$ above the second highest bit. When the resident is over bit: That's life. The resident will be informed via mail. Residents winning an auction will be informed via mail as well. Of cause residents can place a higher bit during the cause of an auction. Lowering a bit is not possible.
When a resident wins an auction and the payment is finished, the land will be applied.