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We have reported the structural, thermal, microscopic, magnetization, polarization, and dielectric properties of BiFeO3 ceramics synthesized by a rapid liquid-phase sintering technique. Optimum conditions for the synthesis of single-phase BiFeO3 ceramics were obtained. Temperature-dependent magnetization and hysteresis loops indicate antiferromagnetic behavior in BiFeO3 at room temperature. Although saturated ferroelectric hysteresis loops were observed in single-phase BiFeO3 ceramic synthesized at 880 °C, the reduced polarization is found to be due to the high loss and low dielectric permittivity of the ceramic, which is caused by higher leakage current.