Closing with a tax lien in Georgia

[Jennifer D.]

Would you close with a $63k lien on a $15k property in the Atlanta metro area?

We are under contract to buy the vacant property for $15,000.  It has an existing lien of $63,000, and the title is still under review with the title insurance company as to whether they will even insure the title.

Regardless of whether they will insure the title, I wonder whether we should back out.  

How does title insurance work?  What if, for instance, we spend $150,000 to build a house on the property?  Will the title insurance cover the $15k purchase price plus the $150k house should someone come calling on the lien?

Is there anything else we need to know?  

Thanks!

jennie