Grading is COVER/RECORD (cover first, vinyl second) - NM/VG+ means cover is Near Mint, vinyl itself is VG+.SS Still Sealed - in original factory shrink wrap.
M Mint - MINT indicates absolutely perfect in every way.
NM Near Mint - a near perfect, probably unplayed record. NM covers have no creases, folds, seam splits or signs of wear. A nearly perfect record. Many dealers won't give a grade higher than this implying (perhaps correctly)that no record is ever truly perfect. The record should show no obvious signs of wear. A 45 RPM or EP sleeve should have no more than the most minor defects, such as almost invisible ring wear or other signs of slight handling. Basically, an LP in near mint condition looks as if you just got it home from a new record store and removed the shrink wrap.
VG+ Very Good Plus - close to like new with only superficial signs of use that don't affect play. Only well cared for records will grade out to VG+. Will satisfy all but the most demanding collector. Except for a couple of minor things, this would be near mint. VG+ covers are close to their Near Mint counterparts but will be marred in some fashion with some signs of handling and/or wear at the most vulnerable areas. A Very Good Plus record will show some signs that it was played and otherwise handled by a previous owner who took good care of it. Record surfaces may show some signs of wear and may have slight scuffs or very light scratches that don't affect one's listening experiences. Slight warps that do not affect the sound are "OK". The label may have some ring wear or discoloration, but it should be barely noticeable. The center hole will not have been misshapen by repeated play. Picture sleeves and LP inner sleeves will have some slight wear, lightly turned up corners, or a slight seam split. An LP cover may have slight signs of wear also and may be marred by a cut-out hole, indentation or corner indicating it was taken out of print and sold at a discount.
VG Very Good - a used, reasonably-priced copy. There will be obvious signs of wear and surface noise between tracks or during quiet passages, but still very playable. Should not contain any skips. VG covers have more signs of wear and seam splits, especially at bottom center, middle of the spine, and upper and lower right where the record is removed from the cover. Writing, tape or stickers will detract from this cover and wear on cover will be obvious. VG records are often amongst the biggest bargains in the record collecting hobby as the big money goes for the more pristine (and rarer) grades.
VG- Very Good Minus - significant wear and marks and very noticeable surface noise. VG- covers has significant seam splits, tears, tape, markings, or similar disfigurement.
G Good - in the record world, 'Good' is not good! A record in Good or Good Plus condition can be put onto a turntable and will play through without skipping. But it will have significant surface noise and scratches and visible groove wear (on a styrene record, the groove will be starting to turn white). A cover or sleeve will have seam splits, especially at the bottom or on the spine. Tape, writing, ring wear or other defects will start to overwhelm the object. It is a common item, you'll probably find another copy in better shape eventually. Pass it up. But, if it's something you have been seeking for years, and the price is right, get it...but keep looking to upgrade.
F Fair or P Poor - The record is cracked, badly warped, and won't play through without skipping or repeating. The picture sleeve is water damaged, split on all three seams and heavily marred by wear and writing. The LP cover barely keeps the LP inside it. Inner sleeves are fully seam split, crinkled, and written upon. Except for impossibly rare records otherwise unattainable, records in this condition should not be bought or sold.