I grade my records conservatively, by visual inspection due to high volume.
Condition
SS = still sealed
NM = near mint or unplayed condition. Cover is crsip and new looking with no ring wear.
EX = only slight signs of wear; very clean, only light surface marks which will not distract significantly from the sound. Cover has only slight wear, and is still in nice collectible condition.
VG+ = played often with moderate surface wear and some moderate noise - still plays well. Cover may have gentle overall wear or some ring wear.
VG = overall wear, but no skips of serious defects, more noisy sound during quiet passages. Cover is well worn, usually with considerable ring wear.
VG- = heavy wear on record and cover. Guarantee does not apply to vg- or worse condition records.
G or G+ = Poor or Rough condition. No guarantee on these records. Collectors only!
autog=autographed (signed) OST=original soundtrack
Abbreviations
bklt=booklet insert
cc=cut corner of cover
co=cutout cover
coh=cutout hole in cover
dnap=does not affect play
dh=drill hole in cover
djl=dj promo label
djts=dj timestrip on cover
djs=dj stamp on cover
gfld=gatefold cover
h2o=water damage on cover
lbl=label
lim ed.=limited edition
obc=on back cover
oc=on cover
ol=on label
osw=original shrinkwrap on cover
prst=promo sticker on cover
re=reissue
rssoc=radio station sticker on cover
rssol=radio station sticker on label
rw=ring wear (significant)
s=(used at beginning) means small
sm=sawmark
smsplt=seamsplit
soc=sticker on cover
srw=slight ring wear on cover
sst=song sticker on cover
S/T=self-titled
toc=tape on cover
tol=tape on label
VA=various artists
wlp=white label promo
woc=writing on cover
wol=writing on label