I grade COVER/RECORD in that order.

Quad = Quadraphonic.
Stereo = Just what it says. Usually not mentioned.
Mono = Announced if there exists a stereoversion. If no comment it means stereo or mono-only!

COVER

Sealed = Sealed with shrinkwrap. Cover surface checked that there´s no sign of mould. No cuts/bends.
M = Mint. Means new and perfect.
NM = Near mint. As above with minor disperfection. Nothing to mention. No cuts/bends.
Ex = Excellent. As above but there may be a cut out of some sort.
VG+ = Very Good plus. Means looks used. Some disperfection as mentioned below but nicely.
VG = Very Good. As VG+ but not that nicely.
VG- = Very Good minus. General wear or a single disperfection but an ugly one.
G = Good. Heavy wear and ugly cover.

RECORD

Sealed = Sealed with shrinkwrap. Cover surface checked that there´s no sign of mould or warp.
M = Mint. Means new and unplayed.
NM = Near mint. As above but it´s been played at least once or twice.
Ex = Excellent. As above but there are some slightest minimal hairline that would not make it NM but not VG+ either.
VG+ = Very Good plus. Means looks used and maybe has some slight scratch or scuffs. Does mostly not affect the play.
VG = Very Good. As VG+ but has more visual signs and some light casual background noise.
VG- = Very Good minus. As VG but does affect the play more.
G = Good. Visual condition makes You in a bad mood and the record plays with regular background noise.

wrp = slight warp
sol = sticker on label
wol = writing on label

fo = fold out cover (gatefold)
coh = cut out hole
coc = cut out corner
cosm = cut out saw mark
soc/sobc = sticker on cover/back of cover
woc/wobc = writing on cover/back of cover
toc/tobc = tape on cover/back of cover
rw = ring wear on front of cover
srw = slight ring wear on front of cover
spsp = spine split
bssp = bottom seam split
tssp = top seam split