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Black market adoption and the sale of children.

Agency adoption -a state licensed adoption agency acts as an intermediary between the childs natural mother and the adoptive parents.. The agency is responsible for the careful screening of all prospective adoptive parents who apply for the services.

Independent adoption -This is sometimes referred to as "gray market" (private adoption). The adoption is arranged by either the childs biological mother or a middle person such as her doctor, or an attorney. Technically the costs to an adoptive couple will entail only the biological mothers medical expenses, which should be thoroughly documented by itemized bills, as well as a reasonable fee paid to the attorney.
Technically, gray market is legal. Although its against the law to buy or sell a baby or any human being, the matter of fee's for adoption remains a hazy area. Therefore in a gray market adoption, if the attorney involved collects only a reasonable fee for services in arranging the adoption and nothing more, he or she is acting within the law. Paying expenses is legal; buying babies is not.

The difference is this:
Black Market Adoption -An independent third party negotiates the childs exchange between the biological mother and the adoptive parents. However, in black market adoptions the costs to the adoptive parents can be astronomical.
In black market adoption desirable couples are not sought to provide homes for unwanted babies, but rather couples fervently search for desirable babies.
The important difference is that in agency adoption the state- licensed organization specifically chooses the parents while in black market adoption, the adoptives parents pick and purchase the child.
Source:
Black Market Adoption and the Sale of Children
Elaine Landau

• It is important to note that many birth certificates of black market adoptees have been falsified.
The original birth certificate may have the adoptive parents listed as the biological parents. 
In legal adoptions there are 2 birth certificates issued: 
•An original birth certificate listing the biological parents and after adoption, an amended birth certifcate.
•This amended certificate shows the adoptive parents as the parents. All other pertinent information remains the same.