NM : Near Mint.

Record = is as good as new and clear. May have some minor paper scuffs or/and tiny hairlines.   

Cover = as new with maybe the slightest signs of wear on corners, edges, spine or surface.

EX : Excellent.

Record =  Still very clear with more hairlines or/and some small scuffs.

Cover = there is a bit wear on corners, edges and surface, slight wrinkle, minor writing on back. 

VG+ : Very Good+.               

Record =  clear but you can see some light scratches and/or some small scuffs across the surface.   

Cover = is still looking good, but there is some wear on corners & edges,slight creasing. There are split in the seams, wear or/and small sticker damage on the surfacewithout any major defects.

VG : Very Good.

Record = you can see many noticeable scratches or scuffs, some may cause distracting surface noise. 

Cover = there is real wear on corners, edges and spine.There are splits in the seams, serious surface-wear,  price sticker damage, small tears or duct tape seam repairs, other not too significant  flaws or damage.

G : Good.

When I put a record on Ebay with this grade then it well be a very rare one. In that case I will describe the imperfections on this record in detail.