While that may do, why not do a clean install of Mountain Lion? Did the machine come with Mountain Lion or an earlier version of Mac OS X? I just ask, because if you purchased Mountain Lion separately from this machine, there might be some licensing issues due to the new owner not having the correct Apple ID for that OS.
Normally it is best to use the original OS version for the clean install, especially since Lion and Mountain Lion do not come on any physical media. You could however include a USB flash drive with the ML installer and have the new owner install ML themselves in order to have the correct Apple ID. Though that might all be moot, as ML can be pirated quite easily without the need for an Apple ID.
Ah, it's late and I have not arrived completely here, as you can see by the absence of any nice formatting or links and such useless drivel.