Magnetoelectric multiferroic BiFeO3 (BFO) was synthesized by a simple carbonate precipitation technique of metal nitrate solutions. X-ray powder diffraction and thermo-gravimetric analysis (TGA) revealed that the precipitate consists of an intimate mixture of crystalline bismuth carbonate and an amorphous hydroxide of iron. The precipitate yielded BiFeO3 at an optimal calcination temperature of ∼560◦C. Energy dispersive X-ray (EDX) analysis showed 1:1 ratio between Bi and Fe in the oxide. X-ray photoelectron spectroscopy (XPS) studies confirmed that Fe to be in +3 oxidation states both in the precipitated powder and BiFeO3. The synthesized BFO exhibits a very weak ferromagnetic correlation at room temperature and the degree of which increases slightly on cooling down to 10 K suggesting alteration in the long range spatial modulation of the spins arrangement as compared to the bulk BiFeO3.