Mint (M): Absolutely perfect in every way. Certainly never been played, possibly even still sealed.
Near Mint (NM): A nearly perfect record. A NM record has been played, but the vinyl will play perfectly, with no imperfections during playback.
Very Good+ (VG+): A VG+ record will show some signs that it was played and otherwise handled by a previous owner who took good care of it. Defects should be more of a cosmetic nature, not affecting the actual playback as a whole.
Very Good (VG): Many of the defects found in a VG+ record will be more pronounced in a VG disc. 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.
Good (G): A record in Good or 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.