Mint (M) Absolutely perfect in every way. Certainly never been played, possibly even still sealed.
Near Mint (NM) A nearly perfect record. The record will play perfectly, with no imperfections during playback. The sleeve will have no creases, folds, seam splits, cut-out holes, or other noticeable similar defects.
Excellent (EX) A record that is almost Near Mint but may have a couple of light scuffs that do not affect play. The sleeve will be almost Near Mint but may have a very slight bend in the corner or very light ring wear.
Very Good Plus (VG+) 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 may be present. Sleeves will have some slight wear, lightly turned up corners, or a slight seam split and light ring wear.
Very Good (VG) Surface noise will be evident upon playing, especially in soft passages and during a song's intro and fade, but will not overpower the music otherwise. Groove wear will start to be noticeable, as with light scratches (deep enough to feel with a fingernail) that will affect the sound. Sleeves will have more pronounced defects than VG+ and may be marred by writing, or have tape or stickers (or their residue) attached.
Good Plus (G+) A record in Good Plus condition can be played through without skipping. But it will have significant surface noise, scratches, and visible groove wear. A cover or sleeve will have seam splits, especially at the bottom or on the spine. Tape, writing, ring wear, tears or other defects will be present. While the record will be playable without skipping, noticeable surface noise and "ticks" will almost certainly accompany the playback.
Generic (Sleeves only) Plain sleeve. The record was released in a plain sleeve or is without it's original sleeve.