Reset iMac to factory setting and Mac OS X

So I want to sell my iMac from early 2009 (see technical fact sheet here: http://support.apple.com/kb/SP507 ).
I need to do factory reset. The original OSX is 10.5 if I am correct, but i am already at 10.8.2 which is the latest.
My question is does reset forces it back o 10.5 and if so can the buyer upgrades to 10.8.2 at no cost? I don't remember how I upgrade it. I have been using Ubuntu too long. Thanks
-- sent from iPad

Just as an added clarification: any OS license obtained from the App Store is forever tied to the Apple ID it was purchased with and is not transferable. If you left 10.8.2 on it, the buyer would not ever be able to download/reinstall because his Apple ID and the machine ID do not match the purchase records.
So you are required to uninstall the OS and reinstall the original OS - if that was indeed 10.5, and you do not have the original install disks, you will need to call Apple for replacement disks.

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